Report: SEC Chair Considers Waiving Some Crypto Regulations

Report: SEC Chair Considers Waiving Some Crypto Regulations

• Gary Gensler is considering waiving some crypto regulations.
• Gensler has said repeatedly that most cryptocurrencies are securities, not commodities.
• The SEC is enforcing securities laws to ensure crypto firms comply, but it hasn’t devised new guidelines to safeguard crypto investors.

In a move that caught everyone off guard on Thursday, the chair of the Securities and Exchange Commission (SEC), Gary Gensler, said that the agency may use its jurisdiction to exempt cryptocurrency businesses from some securities regulations. This decision is made to assist the crypto sector in becoming compliant.

Gensler has said on many occasions that many crypto tokens are subject to securities rules due to the manner in which they are utilized and that the majority of tokens need to register as securities. Furthermore, any platform that trades in these tokens should register with the appropriate authorities as an exchange.

According to comments made by Gensler to Yahoo Finance, the SEC can draft regulations and make use of exemptive jurisdiction; nevertheless, the public is not protected, mostly due to the noncompliance that exists in this arena.