Gary Gensler, Chairman of the Securities and Exchange Commission, speaks on the current security rules in the United States.
He feels that security rules enacted in the 1930s are no longer appropriate in today’s reality.
He believes that the laws need to be updated.
The US Securities and Exchange Commission (SEC) has filed a number of crypto-related charges, and Chairman Gary Gensler has stated that US securities regulations are in need of revision.
According to a recent storey from Fox Business, Gensler stated that security-related issues are governed by regulations proposed by Congress in the 1930s. On this note, he is now contesting and questioning the legal framework that was set nearly a century ago and how current technology fits into it.
Today @GaryGensler told @FoxBusiness the @SECGov determines what qualifies a security based on laws written by Congress in the 1930’s. How is today’s technology supposed to fit inside a regulatory framework written nearly a century ago? U.S securities laws are due for a makeover.
— Eleanor Terrett (@EleanorTerrett) February 16, 2022
Meanwhile, in the previous 24 hours, the crypto market has progressively shifted to a positive trend. Investors in the country, on the other hand, are still waiting for information on how the SEC intends to regulate the market.
In other headlines, US Congressman Warren Davidson introduced new legislation to protect cryptocurrencies and peer-to-peer (P2P) transactions.
The bill reads as follows:
[t]o ban federal agencies from prohibiting a person’s use of convertible virtual money to buy goods or services for personal use, among other things.
People should also establish and broadcast transactions from their own nodes, according to Warren Davidson, and take control of part of their digital assets. On the other side, Gensler claims that the SEC is working on crypto laws with the Commodity Futures Trading Commission (CFTC).
The Securities and Exchange Commission (SEC) has filed a lawsuit against numerous crypto platforms in the United States, including Binance US, BlockFi, Ripple, and BitConnect.
Binance was recently accused of leaking crucial trading information to two large market makers in the United States. In addition, the SEC is keeping an eye on Binance CEO Changpeng Zhao because he is tied to them.
The SEC has previously investigated BlockFi for having a large number of high-yielding unregistered accounts, as well as Ripple Lab for trading 1.3 billion XRP without registering with the SEC.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.