This Thursday, the chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, offered a private speech. During the annual conference on securities regulation of the Practicing Law Institute, the official also took advantage of the stage to talk about cryptocurrencies.
He stressed that the agency’s current vision for these digital assets began with his predecessor in the position, Jay Clayton. Gensler said he was proud to continue this work and expressed his satisfaction with the entire Commission team. At this point, some analysts speculate that it is a farewell speech, given that it touched on some anecdotal elements.
“It has been a great honor to serve with them, do the work of the people and ensure that our capital markets remain the best in the world,” he said. These words were immediately interpreted as a kind of farewell to the pressure of the next government administration.
In July of this year, during the Bitcoin 2024 Conference in Nashville, Donald Trump said he would fire Gensler on his first day in office. Trump’s victory and his expected inauguration in January seem to lend logic to the assumption that this was a farewell speech by the SEC chairman. Despite this, there is no confirmation that this is the case.
President of the SEC reaffirms his position on cryptocurrencies
Gensler’s possible dismissal during this speech is an assumption and not a confirmed fact. However, where there is no doubt is the fact that the official is convinced that he acted correctly. In his words this Thursday he touched on several points related to his position on the crypto sector. In particular, he insisted that there are rules that are applicable to cryptocurrencies.
He confirmed that Bitcoin and Ethereum are not securities, although he did not offer explanations in the case of the second, which has a diffuse characterization. Meanwhile, he hinted that he does not have problems against the Cryptocurrency market, but rather with a part that represents less than 20% of the valuation of that market.
That part of the crypto market, made up of tens of thousands of digital assets, does not comply with the laws, he said.
Rather, we have focused on some of the approximately 10,000 other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from Bitcoin, Ethereum, and stablecoins, the rest of this market is approaching $600 billion. That is less than 20% of the entire cryptocurrency market and a tiny part of the global capital markets.
Gary Gensler, Chairman of the SEC.
The SEC chairman stressed that those who offer or sell securities to people must register and provide adequate information to the public. Likewise, he referred to intermediaries, brokers or exchanges. He said these must also be properly registered to offer securities. This, in his opinion, is not the case with the vast majority of tokens and trading platforms.
«This is an area in which significant harm has occurred against investors over the years. For its part, in addition to speculative investments and possible use for illicit activities, the vast majority of cryptoassets have not yet proven to be sustainable use cases,” said the official.
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