SEC Chairman Emphasizes Importance of Trust and Compliance in the Crypto Market

03/10/2023 21:56 • AI Insights • 77 views

According to reports, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), said that since ancient times, the financial world has been based on trust and the rule of law. In addition, from banks to stock exchanges, finance has tended to be centralized and interconnected. The encryption market is no exception. First of all, intermediaries and tokens should comply appropriately by themselves. The business structure of cryptocurrency intermediaries should comply with our laws governing stock exchanges, broker-dealers and clearinghouses; They can develop rulebooks to prevent fraud and manipulation. The cryptocurrency security issuer shall submit a registration statement and make necessary disclosure.

Chairman of the SEC of the United States: Let cryptocurrency companies work within the scope of the law

Analysis based on this information:

The message discusses the views of Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), on the importance of trust and compliance in the cryptocurrency market. Gensler acknowledges that historically, the financial world has been built on trust and the rule of law, and notes that the crypto market is no exception.

Gensler emphasizes the need for intermediaries and tokens in the crypto market to operate in compliance with relevant laws and regulations. He argues that the business structure of cryptocurrency intermediaries should comply with existing laws governing stock exchanges, broker-dealers, and clearinghouses. This would include developing rulebooks to prevent fraud and manipulation.

Gensler also notes that cryptocurrency security issuers should be required to submit a registration statement and make necessary disclosures. This means that investors would have access to more information about the security being offered, which would help to prevent fraudulent or manipulative behavior.

The key theme of Gensler’s message is the importance of trust and compliance in the crypto market. He recognizes that the crypto market is not fundamentally different from traditional finance and that the same principles of trust and compliance apply. Gensler’s focus on compliance is particularly important given the decentralized and interconnected nature of the crypto market. Without appropriate regulations and compliance measures in place, it would be difficult to prevent fraudulent or manipulative behavior.

In conclusion, Gary Gensler’s message reinforces the need for trust and compliance in the crypto market. He highlights the importance of intermediaries and tokens complying with existing laws and regulations, and emphasizes the need for transparency and disclosure in the issuance of cryptocurrency securities. The key takeaway from his message is that the crypto market is not a lawless frontier, but rather a space that requires careful regulatory oversight to ensure that it operates in a safe and secure manner.

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