The policymaker has continued to stake a claim for the crypto asset industry for his agency tasked with regulating securities in the United States.
According to Gensler, cryptocurrencies should be regulated the same way as securities. In a speech on reducing risk and increasing transparency of derivatives at the International Swaps and Derivatives Association Annual Meeting on May 11, he said:
“Most crypto tokens involve a group of entrepreneurs raising money from the public in anticipation of profits — the hallmark of an investment contract or a security under our jurisdiction,”
Security or Not Security
Gensler is angling for full control over the regulation of the crypto sector, which is likely to result in harsh restrictions for companies and investors in the country.
He claimed that very few crypto assets operate like commodities or digital gold, which is why his agency should have jurisdiction over them rather than the Commodities Futures Trading Commission (CFTC).
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