{"id":77129,"date":"2023-10-26T13:19:04","date_gmt":"2023-10-26T17:19:04","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/we-obtained-judgments-worth-5-billion-gary-gensler-recounts-achievements-amid-backlash\/"},"modified":"2023-10-26T13:19:07","modified_gmt":"2023-10-26T17:19:07","slug":"we-obtained-judgments-worth-5-billion-gary-gensler-recounts-achievements-amid-backlash","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77129","title":{"rendered":"\u201cWe Obtained Judgments Worth $5 Billion\u201d Gary Gensler Recounts Achievements Amid Backlash"},"content":{"rendered":"
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The head of the Securities and Exchange Commission (SEC) Gary Gensler disclosed a summary of the agency\u2019s performance in its quest to promote a more transparent market.<\/p>\n

In his speech at the 2023 Securities Enforcement Forum titled, \u201cPartners of Honest Business and Prosecutors of Dishonesty,\u201d <\/i>he highlighted contemporary issues faced by regulators as well as legal challenges, achievements, and a mini talk on the crypto market.<\/p>\n

Hailing the efforts of \u201cunweary\u201d<\/i> SEC staff and Commissioners, Gensler noted that within the year, the SEC filed over 780 actions among which 500 were standalone lawsuits.<\/p>\n

He also revealed that the Commission obtained judgments worth over $5 billion and has so far enforced many, including dispersing $930 million to victims of bad actors.<\/p>\n

The Commission has instituted 40 actions against digital asset firms resulting in penalties of approximately $1.5 billion.\n<\/p>\n

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\u201cThese numbers, though, tell only part of the story. Our philosophy behind them tells a fuller one. <\/i>Again, I think of our enforcement program through five themes: Economic Realities, Accountability, High-Impact Cases, Process, and Positions of Trust.\u201d\u00a0<\/i><\/p>\n<\/blockquote>\n

\nIn line with the theme of his speech, the SEC Chair pointed to growing criticism that tough regulations harm the market by hitting on a speech from the first SEC boss,\u00a0 Joseph Kennedy adding that they are not prosecutors of honest business nor defenders of crookedness.\n<\/p>\n

Gensler takes a swipe at digital assets<\/h2>\n

\nIn the course of the speech, Gensler commented that the industry was talking alongside stressing wider regulations for investor protection.\n<\/p>\n

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\u201cDon\u2019t get me started on crypto. I won\u2019t even name all the individuals we\u2019ve charged in this highly noncompliant field.\u201d<\/i><\/p>\n<\/blockquote>\n

\nHe maintained the position that most cryptocurrencies are securities and should be governed under the same umbrella as they would pass the investment contract test.<\/p>\n

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\u2696\ufe0f Coinbase Challenges SEC’s Broad Definition of Securities in New Court Filinghttps:\/\/t.co\/l9GaRLXpBd<\/p>\n

\u2014 Cryptonews.com (@cryptonews) October 25, 2023<\/a><\/p>\n<\/blockquote>\n

It should be noted that crypto firms and experts have argued that digital assets do not constitute securities as they don\u2019t meet all the criteria of the Howey test. Recently, a U.S. district court ruled in favor of Ripple that the retail sale of XRP does not constitute securities.<\/p>\n

Comparing the crypto market to the financial market before regulations, he opined that scams and bankruptcies will be rampant as multiple activities are not checked.<\/p>\n

\u201cThere is nothing about the crypto asset securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws,\u201d he added.<\/i>\n<\/p>\n

A call to action<\/h2>\n

\nFor Gensler, safer markets for investors is a collective effort to thank the staff of the Commission for their work to protect the public stressing more fair processes in every market.<\/p>\n

While Gensler continues to label crypto as securities, digital asset executives have urged Congress to pass a comprehensive crypto bill to address most challenges rather than reliance on the court for rule clarity of the SEC\u2019s harsh measures.<\/p>\n

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\ud83c\uddee\ud83c\uddea Coinbase Chooses Ireland as Main European Hub as Regulatory Pressure Continues in the US@Coinbase<\/a> is set to become a dominant player in the European market following the announcement of Ireland as its crypto hub.#CryptoNews<\/a>https:\/\/t.co\/kR6w9I9CDG<\/p>\n

\u2014 Cryptonews.com (@cryptonews) October 19, 2023<\/a><\/p>\n<\/blockquote>\n

The European Union (EU) Markets in Crypto Assets (MiCA) regulation is a reference point to several United States policy watchers as they clamor for cross-border regulation in a bid to boost investor confidence and change the narrative.<\/p>\n

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