Ripple Exec comments on Gary Gensler, who evades inquiries about Ethereum
Ripple Exec comments on Gary Gensler, who evades inquiries about Ethereum
- SEC boss Gary Gensler recently refused to comment on whether Ethereum is classified as security or not.
- Gensler claimed that various aspects of the ecosystem for digital assets require regulatory interventions in order to increase acceptance by the mainstream.
The chairman of the US stock exchange supervision Sec, Gary Gensler, refused to comment on the question of the regulatory status of Ethereum. This is another case in which the regulatory authority avoided the question of classification of Ethereum. The former SEC top officer William Hinman once explained that Ether was not a security. Later, however, the authority clarified the matter on numerous occasions and said that Hinman had only expressed his personal opinion.
in a Q&A section in the Aspen Security Forum confirmed the Howey test and said that he offers enough clarity about the classification of cryptocurrencies. According to the Investopedia, the test refers to the case of the Supreme US Court of Justice in order to determine whether a transaction is to be qualified as a 'investment contract' and is therefore regarded as a securities and is subject to the disclosure and registration obligations in accordance with the Securities Act of 1933 and the securities law of 1934. "
In the past, the former professor of crypto and blockchain technology Bitcoin has unofficially classified as goods. In 2018, however, he claimed that there were good arguments [ether and ripple] as securities. In his recent speech, he said that he agreed to the opinion of former second chairman Jay Clayton on initial Coin Offerings: If digital assets such as [initial coin offering, or icos] are securities-and I believe that every ICO that I saw is a security-we have jurisdiction, and our Federal Working Laws. At the moment, many tokens are offered and sold as non-registered securities, explained Gensler. Since these tokens are missing the necessary disclosures and the market supervision, they become susceptible to price manipulations, which makes investors vulnerable. in relation to the decentralized financial area (Defi), the SEC boss has expressed concerns. In a recent interview, he explained that there was "significant gaps" at Defi during investor protection. He added that the SEC could definitely use new employees to deal with the crypto regulations. Nevertheless, in his speech in Aspen, Gensler announced that he was open to approve a Bitcoin Exchange Traded Fund (ETF). At the moment, however, the financial guard still has to give the green light for crypto ETFs. Nevertheless, the suggestions continue to accumulate, whereby Cathy Woods Arche was the last to get on the train. At the end of his speech, Gensler said that he believes that the ecosystem of the digital assets requires regulation if it is to achieve broad acceptance. At the moment, large parts of the crypto area are rising-not within-regulatory framework conditions that protect investors and consumers, protect against illegal activities, ensure financial stability and yes that protect national security. If the SEC Ethereum finally declare the securities, the asset could threaten the same fate as that of Ripple. The latter is currently being sued by the SEC because of the illegal sale of non -registered securities. In 2018 Bill Hinman said that ETH was not a security, and Jay Clayton agreed. But just a few weeks ago, Hinman submitted an affidavit in court in which it is said that the SEC still had "no position or opinion on the status of the ETH" ... so how should the market have clarity?! https://t.co/fralsfclog - Brad Garlinghouse (@bgarlinghouse) 4. August 2021 Gary Gensler's perspective for cryptoregulation
The future of the crypto ecosystem
Source: Crypto-news-flash.com
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