The SEC's Gary Gensler has stressed that many cryptocurrencies are securities
on CNBC, Gary Gensler, the chairman of the US Securities and Exchange Commission, stressed that many assets are securities under the law. "Many of these tokens are securities under the law of the land . So, we follow that law," he stressed.
The SEC boss went on to say that the investors are not getting the required disclosures about those assets. Gensler described crypto as a"small piece" of the global markets. At the same time, he says that it is an"outsized piece" of"scams and frauds." While addressing Robinhood Markets's Wells notice from the SEC, Gensler stressed that the agency has"a really important responsibility" as the cop on the beat in order to make sure that investors who buy securities get proper disclosures and protections.
Apart from Robinhood, the SEC is currently engaged in legal battles with a slew of other industry heavyweights, including Coinbase and Ripple. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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