December 11, 2023

Gary Gensler urged exchanges to register with the SEC

Gary Gensler urged exchanges to register with the SEC

During testimony before the Senate Banking Committee, Gary Gensler said that in the absence of regulatoryAccording to the rules, the cryptocurrency market will not be able to protect its participants from fraud and illegal activities, and will also not be able to provide them with financial stability.

He said:

Crypto trading, financing orlending does not protect investors well enough. Now it looks more like the Wild West, when there were no securities laws yet and buyers had a hard time.

Gensler noted that the SEC is working with CTFC, the Federal Reserve, the Office of the Comptroller General and other members of the President's Finance Working Group to address these challenges.

The head of the SEC believes that cryptocurrency exchanges that issue their own tokens are required to obtain a license from the regulator. 

I suggested that such platforms and projects contact us directly. Cryptocurrency exchanges must register with the Commission unless they are eligible for an exemption.

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