SEC Chairman Warns About Cryptos Under Securities Law
May 26, 2021
Gary Gensler, chairman of the U.S. Securities and Exchange Commission, told Democratic Congressman Mike Quigley at a surveillance hearing held by the House Allocation Committee that there are many cryptocurrencies that fall under federal securities laws:
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In his speech, Gensler wrote that asset managers who invest in unregistered securities can also be examined.
Gensler also renewed its intention to work with Congress to regulate exchanges:
The SEC chief is currently in talks with other federal agencies to fill legal loopholes in crypto.