Bittime - Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), defended the agency's focus on the crypto industry in a May 7 interview. He stated that this was not an excessive concern, but rather a response to the prevalence of fraud and fraudulent schemes within the sector.
Speaking with CNBC , Gensler stressed that while crypto is only a small part of the financial market. However, its contribution to problems such as fraud and fraud schemes is enormous, attracting significant media attention.
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Gary Gensler's Top Concerns
Gensler points out that the financial press gives greater coverage to crypto-related issues compared to traditional securities markets, leading to an increased perception of the importance of this industry.
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“We oversee a $110 trillion capital market. Crypto is only a small portion of our overall market, but its contribution to fraud and problems in our market is enormous,” Gensler said.
He noted that the volume of questions from journalists regarding crypto relative to its market capitalization reflects increased attention from the media.
SEC enforcement actions in the crypto space have been increasing, with 46 crypto-related enforcement actions initiated last year, marking a spike from previous years.
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“You get a large proportion of journalist questions… on market capitalization; this is also a function of where the financial media focuses,” he said.
However, according to an analysis by Cornerstone Research and the law firm Gibson Dunn, these actions are only a small fraction of the total enforcement actions taken by the SEC, which totaled 501 last year.
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Gary Gensler and the Transparency Mission
SEC Chairman Gary Gensler emphasized the need for transparency in the crypto market, supporting mandatory disclosure to counter evasion of registration requirements by some industry participants.
He cited the famous quote from Supreme Court Justice Louis Brandeis, “Sunlight is said to be the best disinfectant,” to emphasize the importance of transparency.
Gensler's comments come amid the SEC's increasing efforts to regulate the crypto industry, as evidenced by the numerous lawsuits filed against prominent crypto companies and figures such as Sam Bankman-Fried, Binance, its CEO Changpeng Zhao, and Coinbase.
These actions reflect Gensler's stance that most cryptocurrencies should be classified as securities, in line with the SEC's regulatory approach.
Meanwhile, SEC scrutiny has sparked calls for more explicit regulatory guidance to encourage innovation within the US. The agency continues to campaign to potentially classify Ethereum as a security.
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They issued summonses as part of this effort. Gensler stressed the importance of registration requirements to ensure mandatory disclosure, describing them as essential to maintaining market integrity.
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Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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SEC Delays Approval of Ether ETFs Until May 2024
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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