SEC Chairman: Existing Rules Can Already Regulate Crypto
Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), has told reporters after a House Appropriations Committee hearing on Wednesday last week that existing securities laws “cover most of the activity that’s happening in the crypto markets,” and that the SEC is the one agency responsible for defining what a security is, rather than relying on legislation.
He also cautioned against individual crypto exchanges selecting that definition, as this could lead to unintended conflicts. Gensler’s comments come as Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., plan to reintroduce legislation next month that would give the Commodity Futures Trading Commission control over digital asset commodities.
Gensler warned that such legislation could “undermine the securities remit” of the SEC.
