On the 15th anniversary of Bitcoin’s inception, Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), released a statement emphasizing the need for cryptocurrency firms to follow securities laws. Gensler praised the cryptocurrency’s ability to provide a platform for peer-to-peer electronic cash transactions that bypass traditional financial institutions. He also pointed out that many other cryptocurrencies, including stablecoins, could be considered unregistered securities.
During his tenure as SEC Chair, Gensler has imposed strict legal actions against leading cryptocurrency entities such as Binance, Coinbase (NASDAQ:COIN), and Kraken. This enforcement is a direct result of the SEC’s concerns over the sale of unregistered securities.
At a House Appropriations Subcommittee on Financial Services and General Government hearing, Gensler maintained that existing securities and disclosure regulations provide clear guidance. He also noted that cryptocurrency space is “rife with noncompliance” and that there is no need for more digital currencies in the U.S.
Analysts have predicted that the approval of a spot Bitcoin ETF could increase its price significantly. However, Gensler has yet to show any signs of approval. His recent social media update raised some questions about his approach to communication, as it sparked backlash from users who called it “unprofessional”.
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