SEC chairman doubles down on crypto position

Gensler has rebuked claims that crypto rules in the US are “not clear” enough.

The chairman of the US Securities and Exchange Commission (SEC) Gary Gensler has responded to widespread criticism of the regulator’s stance on crypto.

Gensler posted a video message on Twitter on Thursday, taking aim at crypto exchange Coinbase, which has threatened to move outside the US, citing SEC’s intransigence on crypto regulation and lack of clear guidance.

Gensler did not acknowledge fault on his or the regulator’s part, with the man tersely stating that “the law is clear”. He continued to elaborate on why he thought Coinbase was in the wrong and SEC was not.

“If you’re a securities exchange, clearinghouse, broker, or dealer, you must come into compliance, register with us, and deal with conflicts of interest and disclose important information. For 90 years, these laws have helped protect investors like you”, he said.

Coinbase has been not taking the current criticism lightly. Over the past few months, the exchange has argued that there was lack of coherent and clear guidelines making its operations, and those of other companies in the sector, difficult or even impossible.

SEC has taken regulatory action against a series of prominent businesses from the sector in the US.

Since the beginning of the year, SEC has moved against Bittrex and Gemini, two exchanges, Genesis, a lender, and several individuals.

The US is also targeting chief executive of TRON Justin Sun, and Do Kwon, the boss of Terraform Labs, who was recently arrested.

Gensler insisted that the companies targeted by the commission were in breach of specific laws. “An investment contract exists when you invest money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others”, he stated, adding that the platforms in questions lacked basic investor protections.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.