Warning from SEC Chairman on cryptocurrency regulation

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SEC Chairman Gensler, speaking at the University of Pennsylvania law school’s Capital Markets Association Annual Conference, explained that the vast majority of tokens are digital assets that must be regulated by the SEC.

Saying that most cryptocurrencies involve a group and entrepreneurs raising money from the public in anticipation of profit, Gensler said that Bitcoin should be regulated like a commodity, referring to Bitcoin.

Gensler also reiterated their intention to bring more regulatory scrutiny to cryptocurrency exchanges such as Binance, Coinbase, and Kraken. Gensler said he directed SEC staff to register the platforms themselves and regulate them like exchanges.

Noting that the five largest digital asset platforms account for 99 percent of all crypto trading activities, Gensler stated that registering major crypto platforms will be the first step in bringing crypto assets into compliance with US laws.

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