Скачать или смотреть CRYPTO NEWS: GARY GENSLER, THE SEC AND LAYER ZERO AIRDROP

CRYPTO NEWS: GARY GENSLER, THE SEC AND LAYER ZERO AIRDROP

Seemingly unfazed by a recent slew of court setbacks, The United States Securities and Exchange Commission Chair Gary Gensler remains resolute that his agency should be the one to reign over crypto, and to told lawmakers the same today. He claimed the following;

“Right now, unfortunately, there’s significant non-compliance, and it’s a field ride with fraud, abuse and misconduct”


In the last two months, the securities regulator lost to both Grayscale and Ripple — seen as huge blows to the agency.

In his prepared testimony for the Senate Banking Committee hearing, however, Gensler reiterated the view that crypto assets are, in fact, securities and should be regulated by his agency. The Senate hearing is regarding the SEC’s oversight on certain matters. 

“Given this industry’s wide-ranging noncompliance with the securities laws, it’s not surprising that we’ve seen many problems in these markets. We’ve seen this story before. It’s reminiscent of what we had in the 1920s before the federal securities laws were put in place,” reads Gensler’s prepared testimony.

Sticking to a consistent theme, Gensler asserted that almost all crypto assets meet the Howey test — a legal test that determines whether or not an asset or transaction can be deemed a security.

“The vast majority of crypto tokens likely meet the investment contract test.”

“Given that most crypto tokens are subject to the securities laws, it follows that most crypto intermediaries have to comply with securities laws as well,” Gensler added.

On July 13, Judge Analisa Torres handed down the SEC’s first major legal defeat, after she ruled partially in favor of Ripple. Judge Torres found that the sales of XRP tokens to retail consumers did not violate federal securities laws.

While the SEC is currently pursuing an appeal of this decision, it’s expected that many other crypto companies staring down lawsuits from the regulator will reference it in their respective dismissal motions.