SEC: a “flexible” registration procedure for crypto tokens

Gary GenslerChairman of the United States Securities Commission (Securities and Exchange Commission, SEC), is stepping up the regulator’s efforts to expand regulation on the crypto industry. In his last testimony in the US Senate, the official said there was a “flexible” way for tokens to register with the agency, but his previous crypto-skeptical comments indicate that industry players may have a point of different view on the SEC’s approach.

Gary Gensler. Source: video capture, Youtube/US Securities and Exchange Commission

Gensler told the U.S. Banking, Housing, and Urban Affairs Commission (Committee on Banking, Housing, and Urban Affairs) that of the 10,000 tokens in the crypto market, the vast majority are securities.

“As such, I have instructed SEC staff to approach and work directly with entrepreneurs to have their tokens registered and regulated, where applicable, as securities. Given the nature of crypto investments, I recognize that it may be appropriate to be flexible in applying existing disclosure obligations,” he said.

Gensler also suggested that the SEC could increase its cooperation with traditional finance players interested in entering the cryptosphere, a move that could increase institutional adoption.

“I have also asked staff to work with companies that have operated in other well-regulated markets and want to enter the crypto market. These traditional financial intermediaries have expressed interest in providing services in the crypto market and to do so in accordance with proven investor protection rules,” he said.

This latest development comes shortly after another speech from Gensler earlier this month. Gensler had claimed that since many crypto tokens are securities, this implies that many “crypto intermediaries” transact in securities and, therefore, must register with the SEC.

“Our fundamental goal is to provide investors with the protections and information they deserve – and which are required by law,” the official said.

Following the crash of the May 2022 stablecoin TerraUSD (UST), the SEC has also launched a series of investigations into the activities of various crypto exchanges, seeking to determine whether the companies have put in place adequate safeguards to prevent insider trading .

Follow our affiliate links:

  • To buy cryptocurrencies in the SEPA Zone, Europe and French citizensvisit Coinhouse
  • To buy cryptocurrency in Canadavisit bitbuy
  • To generate interest with your bitcoinsgo to the website of BlockFi
  • To secure or store your cryptocurrenciesget the wallets ledger Where Trezor
  • To trade your cryptos anonymouslyinstall the app NordVPN

To invest in cryptocurrency mining or masternodes:

To accumulate coins while playing:

  • In poker on the gaming platform CoinPoker
  • To a global fantasy football on the platform Sorare

Stay informed with our free weekly newsletter and to our social networks:

We wish to say thanks to the writer of this article for this awesome content

SEC: a “flexible” registration procedure for crypto tokens

Take a look at our social media accounts and also other related pages