{"id":84507,"date":"2023-09-14T14:42:42","date_gmt":"2023-09-14T11:42:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84507"},"modified":"2025-09-12T17:47:07","modified_gmt":"2025-09-12T14:47:07","slug":"sec-chair-warns-of-harm-to-the-economy-from-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/sec-chair-warns-of-harm-to-the-economy-from-cryptocurrencies\/","title":{"rendered":"SEC Chair Warns of Harm to the Economy from Cryptocurrencies"},"content":{"rendered":"<p>Chairman <span data-descr=\\\"US Securities and Exchange Commission\\\" class=\\\"old_tooltip\\\">SEC<\/span> Gary Gensler reaffirmed his hardline stance on digital assets, saying they could harm the global financial system.<\/p>\n<p><iframe loading=\\\"lazy\\\" width=\\\"560\\\" height=\\\"315\\\" src=\\\"https:\/\/www.youtube.com\/embed\/-t9YghlG_mo?si=-y2rnAAwqsiynpte&#038;start=11580\\\" title=\\\"YouTube video player\\\" frameborder=\\\"0\\\" allow=\\\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\\\" allowfullscreen><\/iframe><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cI have never seen a place so rife with wrongdoing and people trying to push beyond the law,\u201d Gensler described the crypto industry.<\/p>\n<\/blockquote>\n<p>The official spoke at a conference marking the 15th anniversary of the Lehman Brothers bankruptcy, organized by the nonprofit legal organization Better Markets.<\/p>\n<p>The head of the SEC noted that millions have been harmed by digital assets, and such a situation undermines the trust of many investors even in traditional markets.<\/p>\n<p>Gensler also criticised industry support from celebrities and efforts to create a regulatory framework in some U.S. states. He added that separate rules for cryptocurrencies in the country are not needed, as they already exist.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cThey are laws enacted by Congress, whether in anti-money laundering and sanctions or in securities and commodities regulation,\u201d the chair clarified.<\/p>\n<\/blockquote>\n<p>However, Gensler dodged a question about \u201csympathetic judges,\u201d probably in the context of the agency&#8217;s proceedings with <a href=\"https:\/\/forklog.com\/en\/news\/sec-appeals-ripples-challenge-to-xrp-status-appeal\">Ripple<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/grayscale-urges-the-sec-to-promptly-approve-a-spot-bitcoin-etf\">Grayscale<\/a>.<\/p>\n<p>Earlier, the head of the Commission confirmed that most cryptocurrencies are securities and fall under the agency&#8217;s jurisdiction. In his view, the overwhelming majority of digital assets meet the definition of investment contracts and should be regulated accordingly.<\/p>\n<p>In July, Gensler <a href=\"https:\/\/forklog.com\/en\/news\/sec-chief-seeks-109-million-to-bolster-investor-protections-in-the-crypto-market\">requested<\/a> additional funding of $109 million to bolster investor protections in the crypto markets.<\/p>\n<p>In August, U.S. Representative Warren Davidson again called for Gary Gensler to be removed from the post of head of the SEC due to the mishandling of the Grayscale case.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC Chair Gary Gensler reaffirmed his hardline stance on digital assets, saying they could harm the global financial system.<\/p>\n","protected":false},"author":1,"featured_media":84508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1181,128],"class_list":["post-84507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-gary-gensler","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84507","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=84507"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84507\/revisions"}],"predecessor-version":[{"id":84509,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84507\/revisions\/84509"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/84508"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=84507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=84507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=84507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}