Comment: Gary Gensler to launch a crusade against Bitcoin exchanges

Crypto exchanges have listed unregistered securities, and regulators intend to combat this. That is the leitmotif of the forthcoming September 14 testimony by SEC Chairman Gary Gensler before the United States Senate.

Gensler’s statement to the Senate tomorrow:

1. Crypto exchanges are selling what we believe are securities;
2. «Make no mistake,» we are coming after crypto exchanges;
3. There will be no warning shots or «clarification» first.

The glove was thrown, and now… the Gauntlet. pic.twitter.com/JeyfvICJoI

— Jeremy Hogan (@attorneyjeremy1) September 13, 2021

«Regulator will avoid ‘warning shots’ and ‘clarifications’…the gloves are off… now the gauntlets are on» — as lawyer Jeremy Hogan characterised the published transcript of the Commission chair.

«The tone is more negative than his previous remarks», — commented Kaitlin Long, founder and CEO of the Avanti cryptocurrency bank.

GARY GENSLER testimony in front of Senate Banking tomorrow is out. Tone is negative—more so than his previous remarks. Something else interesting—instead of #stablecoins he’s calling them «stable value coins.» Stable value funds are SEC-regulated so…🤔https://t.co/jPKawcLlas

— Caitlin Long 🔑 (@CaitlinLong_) September 13, 2021

«На многих платформах есть десятки или сотни токенов. Хотя правовой статус каждого токена зависит от его собственных фактов и обстоятельств, вероятность того, что с 50, 100 или 1000 токенами любая данная платформа имеет нулевые ценные бумаги, весьма мала. Не заблуждайтесь: в той мере, в какой на этих торговых платформах есть ценные бумаги, в соответствии с нашим законодательством они должны зарегистрироваться в Комиссии, если только они не имеют права на исключение», — говорится в документе.

In an interview with the Financial Times, Gensler noted that regulation is necessary for the survival of cryptocurrencies.

In May, he urged Congress to bring clarity to the regulatory framework for the crypto industry.

Later, the head of the Commission stated that platforms offering access to tokenized stocks are required to report to the SEC.

In August, Gensler warned of tighter regulation of stablecoins and DeFi. He noted that for this the agency needs additional powers and resources to do so.

In the same month, the head of the SEC urged Bitcoin exchanges to engage in dialogue.

In September, Coinbase’s top management disclosed information about disagreements with the SEC regarding the announced crypto-saving accounts based on the USDC stablecoin.

Earlier, regulatory troubles afflicted BlockFi and Ripple.

Gensler Testimony 9-14-21 by ForkLog on Scribd

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