The SEC chairman discusses utilising “all possible methods” to prevent crypto from entering the mainstream

Paul L. Clayton, chairman of the Securities and Exchange Commission, discusses utilizing ‘all measures available’ to prevent crypto from becoming mainstream.

Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC), has replied to claims that he has made it more difficult and complicated for the crypto sector to penetrate the mainstream.

During an interview on CNBC’s Squawk Box on February 10, Gensler said that the regulator’s measures are designed to safeguard investors while maximizing existing tools to guarantee that market players comply with laws, including communicating directly with them.

Gensler, who has previously been criticized for the supposed strangling of the cryptocurrency industry, admitted that only a small number of tokens had registered intermediaries, but he raised worry about the inconsistencies in their business models.

“We are using all available resources. We are communicating with market players directly. We conduct the discussions and explain how compliance is to be achieved. <…> The casinos in which individuals invest must comply with regulations and separate these bundled items. Their established business strategy is filled with contradictions. We are here to safeguard the investing public,” he said.

The chairman of the SEC stressed the significance of technology-neutral policies, emphasizing that this is the agency’s objective. Moreover, he said that the world of cryptocurrency needs “time-tested norms and legislation” to safeguard investors.

“If this profession is to survive and thrive, only time-tested norms and laws can safeguard the investing public. “Public disclosure, complete, fair, and true information, resolves conflicts and disaggregates these bundled enterprises without putting your hand in the customer’s pocket with their money or yours,” Gensler noted.

After the SEC began a fresh assault on the crypto field aimed against the staking industry, Gensler’s most recent sentiments are as follows: In particular, the SEC secured an agreement with the cryptocurrency exchange Kraken to cease its staking activities.

Gensler commented on the situation, stating that Kraken was not complying with the laws and that the settlement was part of SEC’s ‘fundamental agreement.’ He saw that the trading platform had not developed complete, genuine, and fair disclosure procedures.

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