Gensler Holds Ground: SEC’s Firm Stance on Cryptocurrency Oversight

Gary Gensler, the SEC Chair, remains firm in his stance that the majority of cryptocurrencies and their associated companies should be governed by federal securities regulations. A forthcoming hearing named ‘Oversight of the Securities and Exchange Commission’ is scheduled for September 27, 2023, at 10 AM EST, and will be available for live-streaming.

Previously, Gensler voiced concerns about the widespread fraudulent activities and other malpractices within the crypto sector. In his most recent testimony to the House Committee on Financial Services, he emphasized these concerns again.

In addition to his concerns, Gensler pointed to the SEC’s recent actions in his statement. He brought attention to an April release which determined that crypto platforms, DeFi platforms included, fall under the exchange category.

However, when it came to ongoing legal matters like the XRP lawsuit and the Grayscale spot ETF conversion decision, Gensler chose not to provide comments, indicating these issues are still being deliberated.

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