{"id":14642,"date":"2021-12-03T19:45:59","date_gmt":"2021-12-03T18:45:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=14642"},"modified":"2021-12-03T19:46:13","modified_gmt":"2021-12-03T18:46:13","slug":"gensler-is-hesitant-to-label-cryptocurrencies-as-securities","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/gensler-is-hesitant-to-label-cryptocurrencies-as-securities\/","title":{"rendered":"Gensler is hesitant to label cryptocurrencies as securities"},"content":{"rendered":"\n
Gary Gensler, the chairman of the Securities and Exchange Commission<\/a>, has remained tight-lipped about new crypto token advice.<\/h5>\n\n\n\n
\"Gensler<\/figure>\n\n\n\n

Sen. Pat Toomey, the committee's top Republican, wrote Gensler\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> a series of follow-up questions on cryptocurrencies after a hearing before the Senate Banking Committee in September.<\/p>\n\n\n\n

Gensler kept to the broad interpretation of existing statutes and the Howey and Reeves criteria that he has promulgated since taking office in his comments released on December 3. <\/p>\n\n\n\n

Gensler effectively argues that the SEC does not need to identify which crypto assets<\/a> are and are not securities because existing laws and court judgments have established wide guidelines \u2013 an approach that has upset many in the crypto business.<\/p>\n\n\n\n

Toomey urged Gensler to “explain the particular qualities that separate a cryptocurrency<\/a> that is a security from one that has been labeled a commodity” in response to questions from the hearing.<\/p>\n\n\n\n

“Thus, it depends on the precise facts and circumstances, whether any given financial product, including a crypto asset, is being offered or sold as a security,” Gensler said, citing the prior laws. <\/p>\n\n\n\n

He also dodged a question from Toomey about a hypothetical dollar-backed stablecoin with reserves in FDIC-insured US institutions, and whether or not that token would be considered a security.<\/p>\n\n\n\n

“Chairman Gensler's refusal to give clear rules of the road for cryptocurrencies emphasizes the necessity for Congress to act,” Toomey said of Gensler's comments.<\/p>\n\n\n\n

Surprisingly, Gensler<\/a> has stated that he agrees that Congress has to act on a crypto regulatory framework. During his tenure, the SEC, on the other hand, was more concerned with bringing big trading and lending platforms to heel than with pursuing specific token issuances. <\/p>\n\n\n\n

This is most likely because the SEC<\/a>, under his predecessor, Jay Clayton, effectively put a halt to the ICO boom.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gary Gensler, the chairman of the Securities and Exchange Commission, has remained tight-lipped about new crypto token advice. Sen. Pat Toomey, the committee’s top Republican, wrote Gensler a series of follow-up questions on cryptocurrencies after a hearing before the Senate Banking Committee in September. Gensler kept to the broad interpretation of existing statutes and the […]<\/p>\n","protected":false},"author":13,"featured_media":14643,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5784,5747],"class_list":["post-14642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-gensler-2","tag-sec-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/12\/image-38.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=14642"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14642\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/14643"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=14642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=14642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=14642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}