Gary Gensler: Unregistered crypto exchanges will be prosecuted

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Most cryptocurrencies fall under the jurisdiction SEC and exchanges working with them must register with the agency. This opinion was expressed by the head of the regulator Gary Gensler on hearings in the US Congress.

“Crypto exchanges should come and register. Or, frankly, we intend to use the powers that Congress has given us as enforcement and control functions, ”he said.

Gensler did not agree with the remark that the department did not create clear legal norms for the crypto industry.

“I think the rules are actually quite clear: if you are collecting money from the public, and they expect profit from the efforts of who they sponsor, then there should be guarantees,” the SEC chairman said.

At the same time, Gensler admitted that bitcoin, like some other cryptocurrencies, can be “commodity tokens”, subject to regulation. CFTC.

The hearings focused on the SEC’s budget for next year. Gensler requested an increase in funding, arguing, among other things, the need to strengthen oversight of the digital asset industry.

“I wish we had more opportunities to devote ourselves to this,” the official said.

As an example of the demand for investor protection in the industry, he cited an unnamed crypto project, “the value of which has fallen from $50 billion to zero in just the past three weeks.” Presumably, Gensler was referring to the collapse of Terra.

Gensler told congressmen that his 1,300-person department has just over 50 employees involved in cryptocurrencies, following a recent expansion of the unit by 20 positions.

Shortly before the hearing, speaking at the annual conference of financial regulators in Washington, the head of the SEC said that much remains to be done in cooperation with the CFTC to improve the protection of crypto investors.

The head of the CFTC, Rostin Behnam, in an address to the participants of the Chainalysis Links conference, said that the agency will direct additional resources and efforts to address cases of fraud and manipulation related to digital assets. The regulator is facing a growing number of such cases, he said. The Wall Street Journal.

In January, Gensler outlined cryptocurrency exchanges as a mainstream as part of tightening oversight of the industry.

In April, he called for more control over trading platforms and stablecoin issuers.

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Source: Cryptocurrency

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