Securities and Exchange Commission (SEC) Chairman Gary Gensler appears to be continuing to insist that cryptocurrencies should be subject to the same legal regulations as other securities. According to The Block’s report, Gensler will testify before the Senate Banking Committee tomorrow to once again emphasize this view.
“We have initiated a series of enforcement actions, some of which have concluded, and some are still in litigation, to hold wrongdoers accountable and promote investor protection.”Gary Gensler
Gensler also highlights that many cryptocurrencies fall within the jurisdiction of the SEC, advocating for the regulation of the crypto market. However, he does not waver from his stance that cryptocurrencies should be subject to the same legal regulations as other securities, such as stocks.
“When you consider the widespread non-compliance with the securities laws in this field, it is not surprising that we see a lot of problems in these markets. We’ve seen this story before. It’s reminiscent of what we experienced before the federal securities laws of the 1920s were put in place.”Gary Gensler
Finally, Gensler made it clear in his prepared statement that he will not discuss an ongoing legal case to ensure that the litigation process remains unaffected and impartiality is maintained.