IMPORTANT POINT
- Gensler said the commission has launched a series of regulatory enforcement actions because of the "inconsistency" of cryptocurrencies.
- The SEC chairman added that the financial regulator provides solutions for the security of the cryptocurrency market.
- Gensler's comments come a month after the SEC said it was protecting artificial intelligence from cryptocurrencies.
US Securities and Exchange Commission Chairman Gary Gensler will testify on Capitol Hill on Tuesday, and his stance on the cryptocurrency industry and crypto-assets appears unchanged.
"There is nothing that makes investors and issuers in the securities market of cryptoassets any less deserving of the protection of our securities laws," Gensler said in written testimony before the Senate Banking Committee.
The SEC chairman argued that because the securities laws of the 1930s broadly defined securities to include investment contracts, most crypto-assets meet the statute's definition and should therefore fall under the commission's jurisdiction.
He also said that "most crypto tokens can pass the investment contract test."
"With the industry not following the securities laws, it's no wonder we're seeing so many problems," the SEC chairman said, adding: "It's reminiscent of the 1920s, before federal securities laws." put
The Chairman of the CEC Commission has initiated a number of enforcement actions for non-compliance.
"Therefore, we have taken a number of enforcement actions - some settled, others through legal proceedings - to hold perpetrators accountable and promote investor protection," he said.
In addition, Gensler emphasized that financial regulators provide solutions for the security of the cryptocurrency market.
"The SEC has also targeted the cryptocurrency market through regulations. We issued a reopening notice that reaffirmed the application of existing regulations to platforms that trade cryptocurrency securities, including so-called 'DeFi systems,'" said the SEC chairman.
Gensler also pointed to the SEC's successes over the past year, saying the agency "must police win" to protect consumer interests.
"The SEC is the police looking out for your constituents. Last year, we issued about 750 enforcement actions and conducted nearly 3,000 inspections of registrants," Genser said. complexes, public companies, etc. ".
"I am proud of this agency. This year, we were ranked third among mid-level federal agencies in the top five rankings of the past five years."
Last month , Gensler suggested that the SEC is favoring artificial intelligence over cryptocurrency because of its "transformational" power .
"It's there", then we can talk about cryptography. "We're taking a lot of things that people do every day and automating them," Gensler said.