{"id":18911,"date":"2023-06-06T10:59:47","date_gmt":"2023-06-06T14:59:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sec-chair-gary-gensler-calls-for-crypto-firms-to-register-following-binance-coinbase-charges\/"},"modified":"2023-06-06T10:59:48","modified_gmt":"2023-06-06T14:59:48","slug":"sec-chair-gary-gensler-calls-for-crypto-firms-to-register-following-binance-coinbase-charges","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18911","title":{"rendered":"SEC Chair Gary Gensler Calls for Crypto Firms To Register Following Binance, Coinbase Charges"},"content":{"rendered":"
\n

Conversations with crypto firms have been constructive, but they also need to be compliant with securities laws, said US Securities and Exchange Commission Chair Gary Gensler.<\/p>\n

Gensler spoke to CNBC Squawk Box on Tuesday morning, a mere hour or so after the agency announced charges against the largest US based crypto exchange Coinbase.\u00a0<\/p>\n

Gensler was asked about conversations the agency had with Coinbase before the complaint was filed.\u00a0<\/p>\n

\u201cWe\u2019ve had discussions with literally dozens of crypto incumbents, including the ones that you just mentioned,\u201d Gensler said.<\/p>\n

The industry has a business model built on noncompliance, Gensler added, comparing it to a situation of \u201ccatch us if you can.\u201d\u00a0<\/p>\n

\u201cThe conversations have been constructive, but it\u2019s also about them bringing a business model into compliance,\u201d Gensler said.\u00a0<\/p>\n

Gensler spoke shortly after the agency said Coinbase<\/u> was not registered as an exchange, broker or clearing agency and a day after the regulator sued Binance<\/u> and its CEO Changpeng Zhao for over 13 charges.\u00a0<\/p>\n

Gensler has also said repeatedly that most cryptocurrencies are securities and has called for exchanges to register with the SEC.<\/p>\n

On what\u2019s next \u2014 Gensler said the agency is ready to get firms into compliance.\u00a0<\/p>\n

\u201cSo we\u2019ve brought a number of actions, we stand ready to continue to work with the industry to have them come into compliance,\u201d Gensler said.\u00a0<\/p>\n

\u2018We don\u2019t need more digital currency\u2019<\/h2>\n

Gensler was also asked about the value behind crypto.\u00a0<\/p>\n

\u201cLook, we don’t need more digital currency,\u201d Gensler said. \u201cWe already have digital currency, it\u2019s called the US dollar, it\u2019s called the euro, it\u2019s called the yen. They are all digital right now.\u201d\u00a0<\/p>\n

\u201cSo what is the real underlying value of these tokens?\u201d Gensler said. \u201cThat\u2019s why you need full, fair and truthful disclosures.\u201d<\/p>\n

Many exchanges now face civil charges by the SEC and other regulators, one of the most notorious being FTX, whose CEO was charged with fraud late last year.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Conversations with crypto firms have been constructive, but they also need to be compliant with securities laws, said US Securities and Exchange Commission Chair Gary Gensler. Gensler spoke to CNBC Squawk Box on Tuesday morning, a mere hour or so after the agency announced charges against the largest US based crypto exchange Coinbase.\u00a0 Gensler was […]<\/p>\n","protected":false},"author":1,"featured_media":18912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-18911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nSEC Chair Gary Gensler Calls for Crypto Firms To Register Following Binance, Coinbase Charges | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Conversations with crypto firms have been constructive, but they also need to be compliant with securities laws, said US Securities and Exchange\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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