US crypto legislation uncertain and incomplete? SEC says no

The president of the SEC responds to calls of thecrypto industry over clarity. Uselessretorts Gary Gensler. But if the Congress wishes legislatethat it act prudentlyhe warns.

Kraken, Tron, Ripple and now Beaxy… The SEC continues to expand its hunting list by accumulating the procedures. These actions are causing misunderstanding among the crypto market players.

Coinbase regularly calls on the Authority to clarify its policy. Should U.S. law also evolve to provide more clarity and legal certainty to the crypto industry? This is by no means the opinion of Gary Gensler.

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To legislate is to take the risk of weakening

The head of the financial watchdog spoke to the press on March 29 after a committee meeting. And according to him, it is not essential to solicit the legislator. In fact, he considers that the existing securities laws “cover most of the activities in the crypto markets”.

For several months now, especially in the wake of the FTX bankruptcy, members of the U.S. Congress have been advocating for more regulation. Gensler is cautious about these legislative efforts.

If Congress were to act, even though I don’t think we need those powers, it should not inadvertently result in a weakening by defining what is included or excluded,” he cautions.

For Gary Gensler, the definition of a security in the United States is not the business of the cryptocurrency exchanges. That prerogative belongs to the SEC, two committees (House Financial Services and Senate Banking), and the courts.

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Binance soon to be sued by the SEC? Silence

I think that many legislative instruments, if adopted would have negative effects,” insists the boss of the Authority. Gary Gensler, therefore, refers the disgruntled crypto players to read the existing legislation on securities.

In addition, he again states that the majority of current crypto-assets fall under securities. As for platforms based abroad, but offering their services to American investors, they fall under the law, says Gensler.

Does this reminder of the law target Binance in particular, which is being sued by the CFTC? The SEC chairman declines to answer any questions about possible lawsuits against the leading crypto exchange.

He notes, however, that the Authority has already taken action against this type of player.

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