E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings – Money management
You are at:Home»Crypto»SEC Chair Gary Gensler Claims Lummis-Gillibrand Crypto Bill Undermines TradFi
Crypto

SEC Chair Gary Gensler Claims Lummis-Gillibrand Crypto Bill Undermines TradFi

By June 15, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

Securities and Exchange Commission (SEC) Chairman Gary Gensler expressed concerns on June 14 that the new crypto legislation could undermine existing broader market regulations.

The reaction was expected from the policymaker who has been fighting hard for his agency to control crypto and treat the majority of assets the same as securities.

The new regulations bill was introduced on June 7 by Senators Cynthia Lummis and Kirsten Gillibrand, proposing to make the CFTC the industry’s primary regulator. This has been supported by industry executives and pro-innovation policymakers as it would result in many assets being classified as commodities such as gold rather than securities such as company stocks.

Undermining TradFi

Speaking at the Wall Street Journal’s CFO Network Summit this week, Gensler said crypto should effectively be treated the same as traditional banking and finance markets.

“We don’t want to undermine the protections we have in a $100 trillion capital market. Like behaviors should have like treatment.”

In response to the recent sharp declines in cryptocurrency prices, he added, “the urgency is highlighted, but the urgency has been there.”

The Lummis-Gillibrand bill aims to create a complete regulatory framework for crypto assets headed by the CFTC. However, it is unlikely to pass Congress due to the presence of a number of anti-crypto lawmakers such as Senator Elizabeth Warren.

The bill also proposes new concepts to the nearly 90-year-old securities laws. This would allow some token issuers more leeway than public corporations face.

Gensler said the agency was not trying to extend its jurisdiction but reaffirmed his stance that cryptocurrencies are securities, adding, “these tokens are being offered to the public, and the public is hoping for a better future. That’s the characteristics of an investment contract,”

CFTC chief Rostin Behnam also approves of the Lummis-Gillibrand bill commenting last week that it addresses the distinction very well in deciphering between a commodity and security.

SEC bullying tactics

On June 13, Ripple general counsel Stu Alderoty lambasted the SEC accusing the agency of trying to “bully, bulldoze, and bankrupt crypto innovation in the U.S.” through its threats, enforcement actions, and attempts to expand jurisdiction.

“Like a hammer wanting everything to be a nail, the SEC is keeping everything murky so it can argue every crypto is a security.”

This week, Gensler also spoke out about yields offered on some crypto platforms being “too good to be true.”

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

[ad_2]

Source link

Related Posts

Report With an Eye on Mutual Settlements with China, Russia To Launch CBDC Early Next Year: Report

By September 28, 2022

China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

By September 28, 2022

Binance Launches Training Program For Law Enforcement Agencies

By September 28, 2022

FTX US President Brett Harrison Steps Down

By September 27, 2022
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.