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Crypto Market News: US Securities and Exchange Commission (SEC) Chair Gary Gensler reiterated his stance on crypto regulation, in the wake of the recent lawsuits against crypto exchanges Coinbase and Binance. He made some interesting remarks before Piper Sandler Global Exchange & Fintech Conference. Gensler once again drew a link between the digital assets market and the securities laws, stating that trust in capital markets in the United States was built on compliance with the laws. He also warned that FTX like bankruptcies can continue to happen without compliance, although he failed to address how exactly crypto businesses are to comply.
Also Read: Bitcoin, Ethereum To Rise Amid Positive US Fed & Inflation Data or Fall As Market Makers Exit
Interestingly, the SEC Chair spoke about the need to protect investors, saying the crypto markets should not be allowed to harm them. In his speech, Gensler mentioned a 2018 conversation by Binance’s then Chief Compliance Officer Samuel Lim with a colleague about how the crypto exchange is operating as an unlicensed securities exchange in the the United States. The same was included in the SEC’s recent complaint against Binance, which alleged it of lying to regulators.
Gary Gensler Warns Crypto Market, Again
Gensler reiterated in his opening remarks that most cryptocurrencies qualify as securities by the virtue of meeting the investment contract test. However, the SEC Chair made it a point to warn that lack of compliance could lead to more and more anti-crypto enforcement actions. He said, “not liking the message is not the same thing as not receiving it,” indicating that the market participants are well informed about the status quo. Apparently, this is an attempt to shield the SEC’s arguments in the many crypto lawsuits that may involve the stance of ‘lack of clarity’ over regulations.
“When crypto asset market participants go on Twitter or TV and say they lacked “fair notice” that their conduct could be illegal, don’t believe it. They may have made a calculated economic decision to take the risk of enforcement as the cost of doing business.”
Meanwhile, the digital assets market participants will be anticipating the public release of Hinman documents in the XRP Vs SEC lawsuit, on June 13, 2023.
Also Read: Binance To Face US DOJ’s Criminal Charges Or Its Just A FUD: Ex-SEC Exec Hints
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