{"id":10833,"date":"2021-08-11T15:54:19","date_gmt":"2021-08-11T15:54:19","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chair-tells-senator-legislative-priority-should-center-on-crypto-trading-lending-defi-platforms\/"},"modified":"2021-08-11T15:54:19","modified_gmt":"2021-08-11T15:54:19","slug":"sec-chair-tells-senator-legislative-priority-should-center-on-crypto-trading-lending-defi-platforms","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chair-tells-senator-legislative-priority-should-center-on-crypto-trading-lending-defi-platforms\/","title":{"rendered":"SEC Chair Tells Senator Legislative Priority Should Center on Crypto Trading, Lending, Defi Platforms"},"content":{"rendered":"

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has written a letter to Senator Elizabeth Warren about crypto regulation. After outlining his concerns and priorities in the crypto sector, he said, \u201cadditional authorities\u201d and \u201cmore resources to protect investors in this growing and volatile sector\u201d are needed.<\/strong><\/p>\n

SEC Chair Gensler Replies to Senator Warren About Crypto Regulation<\/h2>\n

On Wednesday, U.S. Senator Elizabeth Warren released the letter she received from the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, in response to her July 7 letter<\/a> about cryptocurrency regulation.<\/p>\n

Gensler\u2019s letter, which mirrors his speech<\/a> at the Aspen Security Forum last week, outlines numerous areas in crypto the chairman is concerned about. It is dated Aug. 5 even though Senator Warren demanded that he reply to her by July 28.<\/p>\n

The former crypto professor<\/a> at the Massachusetts Institute of Technology (MIT) explained that there are both centralized and decentralized finance (defi) platforms, adding that some of them implicate securities laws, commodities laws, and also banking laws. \u201cThis raises a number of issues related to protecting investors and consumers, guarding against illicit activity, and ensuring financial stability,\u201d he opined. \u201cRight now, I believe investors using these platforms are not adequately protected.\u201d<\/p>\n

Noting that a typical crypto trading platform supports more than 50 tokens and many have well over 100 tokens, Gensler emphasized:<\/p>\n

While each token\u2019s legal status depends on its own facts and circumstances, the probability is quite remote that, with 50 or 100 tokens, any given platform has zero securities.<\/p>\n

\u201cI believe we have a crypto market now where many tokens may be unregistered securities, without required disclosures or market oversight,\u201d he stressed.<\/p>\n

The chairman also mentioned that some unregulated overseas platforms allow U.S. investors to trade cryptocurrencies using private virtual networks (VPNs).<\/p>\n

The SEC chief proceeded to outline his concerns regarding stablecoins, stating:<\/p>\n

The use of stablecoins on these platforms may facilitate those seeking to sidestep a host of public policy goals connected to our traditional banking and financial system: anti-money laundering, tax compliance, sanctions, and the like.<\/p>\n

<\/p>\n

\u201cI believe we need additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks. We also need more resources to protect investors in this growing and volatile sector,\u201d he described, reiterating what he said<\/a> at the Aspen Security Forum:<\/p>\n

In my view, the legislative priority should center on crypto trading, lending, and Defi platforms.<\/p>\n

\u201cWe stand ready to work closely with Congress, the Administration, our fellow regulators, and our partners around the world to close some of these gaps,\u201d Gensler concluded.<\/p>\n

What do you think about Gensler\u2019s comments to Senator Elizabeth Warren? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, banking laws, commodities laws, Crypto regulation, Elizabeth Warren, Gary Gensler, gensler letter to warren, sec chairman, sec crypto regulation, securities laws<\/p>\n","protected":false},"excerpt":{"rendered":"

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has written a letter to Senator Elizabeth Warren about crypto regulation. After outlining his concerns and priorities in the crypto sector, he said, \u201cadditional authorities\u201d and \u201cmore resources to protect investors in this growing and volatile sector\u201d are needed. SEC Chair Gensler Replies…<\/p>\n","protected":false},"author":0,"featured_media":10834,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10833"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10833"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10834"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}