SEC head tells crypto projects & platforms to 'come in and talk to us'

Regulators are asking cryptocurrency platforms and projects to register with the United States Securities and Exchange Commission (SEC).

The chair of the SEC, Gary Gensler, has said in a prepared statement at the Senate Committee on Banking, Housing and Urban Affairs that the SEC was working with the Commodities Futures Trading Commission to develop investor protection for cryptocurrency markets. On top of that, Gensler said, "We just don't have enough investor protection in crypto finance, issuance, trading, or lending."

Adding, "Frankly, at this time, it's more like the Wild West or the old world of 'buyer beware' that existed before the securities laws were enacted. This asset class is rife with fraud, scams, and abuse in certain applications. I've suggested that [crypto] platforms and projects come in and talk to us Many platforms have dozens or hundreds of tokens on them. While each token's legal status depends on its own facts and circumstances, the probability is quite remote that, with 50, 100, or 1,000 tokens, any given platform has zero securities."

Gensler also had some strong words, saying that under current US laws, "they" are required to register with the United States Securities and Exchange Commission unless they qualify for an exemption. If you are interested in reading more about this story, check out this link here.