{"id":12202,"date":"2021-09-16T15:54:03","date_gmt":"2021-09-16T15:54:03","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chair-gensler-we-dont-have-enough-investor-protection-in-crypto-finance-issuance-trading-or-lending\/"},"modified":"2021-09-16T15:54:03","modified_gmt":"2021-09-16T15:54:03","slug":"sec-chair-gensler-we-dont-have-enough-investor-protection-in-crypto-finance-issuance-trading-or-lending","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chair-gensler-we-dont-have-enough-investor-protection-in-crypto-finance-issuance-trading-or-lending\/","title":{"rendered":"SEC Chair Gensler: \u2018We Don\u2019t Have Enough Investor Protection in Crypto Finance, Issuance, Trading, or Lending\u2019"},"content":{"rendered":"<p><strong>The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, explained that there is not enough investor protection in cryptocurrency. He added that the securities regulator needs more funding and manpower to effectively regulate the crypto sector.<\/strong><\/p>\n<h2>SEC Chair Gensler Says More Funding Needed to Regulate Crypto Space<\/h2>\n<p>SEC Chairman Gary Gensler detailed his agency\u2019s approach to regulating cryptocurrencies before the Senate Banking Committee Tuesday. He assured senators that the SEC is working overtime to create a regulatory framework for crypto assets.<\/p>\n<p>Noting the enormity of the task, he told Senator Catherine Cortez Masto that the SEC could use \u201ca lot more people\u201d to evaluate the 6,000 digital \u201cprojects\u201d and determine whether they are securities under the U.S. securities law. He said:<\/p>\n<p>Currently, we just don\u2019t have enough investor protection in crypto finance, issuance, trading, or lending. Frankly, at this time, it\u2019s more like the Wild West or the old world of \u2018buyer beware\u2019 that existed before the securities laws were enacted.<\/p>\n<p><!-- growjs zone placement 31 -->    <!-- end of growjs zone placement --> <\/p>\n<p>Senator Pat Toomey, the committee\u2019s ranking member, pressed Gensler over whether stablecoins meet the definition of securities. He emphasized:<\/p>\n<p>I think we need clarity on this. I think you should publicly disclose this \u2026 And we certainly shouldn\u2019t be taking enforcement action against somebody without having first provided that clarity.<\/p>\n<p>Gensler has insisted that the rules on cryptocurrencies are clear. \u201cWe have a set of investor protection laws in this country \u2026 that was laid out in the 1930s where Congress wanted to protect the public against fraud and other bad actors \u2026 I think the laws [on cryptocurrencies] are clear,\u201d he told CNBC Wednesday. \u201cThe case law, the Supreme Court\u2019s weighed in on this multiple times and that many of these tokens do come under the securities laws.\u201d<\/p>\n<p><em><strong>What do you think about the comments by SEC Chairman Gary Gensler? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nRegulation, Crypto regulation, Gary Gensler, gary gensler bitcoin, gary gensler crypto, gary gensler sec, investor protection<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, explained that there is not enough investor protection in cryptocurrency. He added that the securities regulator needs more funding and manpower to effectively regulate the crypto sector. SEC Chair Gensler Says More Funding Needed to Regulate Crypto Space SEC Chairman Gary Gensler detailed&hellip;<\/p>\n","protected":false},"author":0,"featured_media":12203,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12202","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\/12202"}],"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=12202"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12202\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12203"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}