E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

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

What's Hot

Oil prices stable as market weighs fuel stocks build amid supply concerns

June 30, 2022

Anil Singhvi Strategy on June 30: Support zone on Nifty is 15675-15750 and Bank Nifty is 33000-33125

June 30, 2022

Buy, Sell or Hold: What should investors do with AU Small Finance Bank, MMTC and Aavas Financiers?

June 30, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
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

Paul EasterBy Paul EasterJune 15, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email



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.



Source link

Paul Easter

Related Posts

CBDCs Are Natural Evolution Necessary to Protect Fiat Monetary System: Swedish Central Banker  CBDCs an Evolution of Central Banks, Necessary to Protect Fiat Monetary System: Swedish Central Banker 

By Paul EasterJune 30, 2022

Market Selloffs Lead to Rising Inflows of USDC: Circle CEO

By Paul EasterJune 29, 2022

Crypto Winter ‘Weeded out’ Unnecessary Market Participants

By Paul EasterJune 29, 2022

Bitfury’s CEO Explains Why Bitcoin Is Proned for Upcoming Gains

By Paul EasterJune 29, 2022
Add A Comment

Comments are closed.

Our Picks

Oil prices stable as market weighs fuel stocks build amid supply concerns

By Paul EasterJune 30, 2022

Anil Singhvi Strategy on June 30: Support zone on Nifty is 15675-15750 and Bank Nifty is 33000-33125

By Paul EasterJune 30, 2022

Buy, Sell or Hold: What should investors do with AU Small Finance Bank, MMTC and Aavas Financiers?

By Paul EasterJune 30, 2022
Recent Posts
  • Oil prices stable as market weighs fuel stocks build amid supply concerns June 30, 2022
  • Anil Singhvi Strategy on June 30: Support zone on Nifty is 15675-15750 and Bank Nifty is 33000-33125 June 30, 2022
  • Buy, Sell or Hold: What should investors do with AU Small Finance Bank, MMTC and Aavas Financiers? June 30, 2022
  • Stocks to buy today: MTAR Tech, Apollo Tyres, Minda Industries and Bharti Airtel among list of stocks for profitable trade on June 30 June 30, 2022
  • Record-Setting Jumper Tosses Biomimicry Out The Window June 30, 2022
  • Udyami Bharat Programme: PM Narendra Modi to launch several schemes on June 30 to ramp up MSME sector June 30, 2022
  • Mumbai most expensive Indian city for expatriates; Hong Kong tops globally, reveals Mercer’s 2022 Cost of Living survey June 30, 2022
Archives
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

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