{"id":9950,"date":"2021-07-22T15:54:25","date_gmt":"2021-07-22T15:54:25","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chairman-outlines-regulation-of-crypto-assets-relating-to-security-based-swaps\/"},"modified":"2021-07-22T15:54:25","modified_gmt":"2021-07-22T15:54:25","slug":"sec-chairman-outlines-regulation-of-crypto-assets-relating-to-security-based-swaps","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chairman-outlines-regulation-of-crypto-assets-relating-to-security-based-swaps\/","title":{"rendered":"SEC Chairman Outlines Regulation of Crypto Assets Relating to Security-Based Swaps"},"content":{"rendered":"

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has clarified how cryptocurrencies falling under security-based swaps are regulated. He affirmed that platforms operating in the centralized or decentralized finance space are implicated by the securities laws.<\/strong><\/p>\n

SEC\u2019s Regulatory Approach to Cryptocurrency<\/h2>\n

SEC Chairman Gary Gensler talked about cryptocurrency regulation Wednesday before the American Bar Association Derivatives and Futures Law Committee Virtual Mid-Year Program.<\/p>\n

After discussing various topics, including security-based swaps, credit default swaps, and registration of their dealers and participants, he proceeded to talk about cryptocurrency.<\/p>\n

\u201cI\u2019d briefly like to discuss the intersection of security-based swaps and financial technology, including with respect to crypto assets,\u201d he said. \u201cThere are initiatives by a number of platforms to offer crypto tokens or other products that are priced off of the value of securities and operate like derivatives.\u201d The SEC chairman emphasized:<\/p>\n

Make no mistake: It doesn\u2019t matter whether it\u2019s a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These platforms \u2014 whether in the decentralized or centralized finance space \u2014 are implicated by the securities laws and must work within our securities regime.<\/p>\n

He continued: \u201cIf these products are security-based swaps, the other rules I\u2019ve mentioned earlier, such as the trade reporting rules, will apply to them. Then, any offer or sale to retail participants must be registered under the Securities Act of 1933 and effected on a national securities exchange.\u201d<\/p>\n

<\/p>\n

Gensler further noted:<\/p>\n

We\u2019ve brought some cases involving retail offerings of security-based swaps; unfortunately, there may be more. We will continue to use all of the tools in our enforcement toolkit to ensure that investors are protected in cases like these.<\/p>\n

The SEC has taken about 75 enforcement actions<\/a> against individuals and companies in the crypto industry so far. However, Gensler said more companies are in violation of securities laws.<\/p>\n

Gensler previously emphasized the need to regulate cryptocurrency exchanges<\/a>. He even urged Congress to step in and pass legislation to protect investors<\/a>. However, the SEC left bitcoin and cryptocurrency off its regulatory agenda<\/a> for 2021.<\/p>\n

Early this month, U.S. Senator Elizabeth Warren asked the SEC to use its full authority to address the risks associated with crypto assets. She gave Gensler until July 28 to provide answers<\/a> on the SEC\u2019s authority to protect consumers investing and trading in cryptocurrencies, and determine what future congressional action was needed.<\/p>\n

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

Bitcoin News
\nRegulation, Gary Gensler, gensler crypto, gensler cryptocurrency regulation, SEC, sec crypto regulation<\/p>\n","protected":false},"excerpt":{"rendered":"

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has clarified how cryptocurrencies falling under security-based swaps are regulated. He affirmed that platforms operating in the centralized or decentralized finance space are implicated by the securities laws. SEC\u2019s Regulatory Approach to Cryptocurrency SEC Chairman Gary Gensler talked about cryptocurrency regulation Wednesday before…<\/p>\n","protected":false},"author":0,"featured_media":9951,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9950","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\/9950"}],"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=9950"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9950\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9951"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}