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

Gary Gensler, chair of the United States Securities and Exchange Commission, told crypto projects and platforms to 'talk to us'.

@Jak_ConnorTT
Published Tue, Sep 14 2021 4:55 AM CDT

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

SEC head tells crypto projects & platforms to 'come in and talk to us' 01 | TweakTown.com

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.

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NEWS SOURCE:cointelegraph.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest news. Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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