Chairman of the SEC of the United States: Let cryptocurrency companies work within the scope of the law

According to reports, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), said that since ancient times, the financial world has been based on trust and the rule of law. In addition, from banks to stock exchanges, finance has tended to be centralized and interconnected. The encryption market is no exception. First of all, intermediaries and tokens should comply appropriately by themselves. The business structure of cryptocurrency intermediaries should comply with our laws governing stock exchanges, broker-dealers and clearinghouses; They can develop rulebooks to prevent fraud and manipulation. The cryptocurrency security issuer shall submit a registration statement and make necessary disclosure.

Interpretation of this information:

The message reports the perspective of Gary Gensler, SEC chairman, on the regulation of the cryptocurrency market. According to Gensler, the finance world has always relied on trust and the rule of law, and the crypto market is no exception. He believes that the market needs to have appropriate compliance measures to prevent fraud and manipulation. Gensler suggested that intermediaries and tokens should comply with existing laws governing stock exchanges, broker-dealers, and clearinghouses. They should also develop rulebooks to prevent fraud and manipulation in the market. Furthermore, the cryptocurrency security issuer should submit a registration statement and make necessary disclosures to ensure transparency and provide investors with accurate information.

The message implies that the regulation of the cryptocurrency market is vital to ensure that it operates securely, transparently, and efficiently. Gensler highlights the need for intermediaries and tokens to comply with existing laws for traditional financial institutions. The SEC chairman maintains that rulebooks can be created to prevent fraud and manipulation, which are significant issues in the crypto market. He also stresses the importance of cryptocurrency security issuers submitting registration statements that provide investors with essential information regarding their investments.