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COINTURK NEWS > Cryptocurrency Law > SEC Chairman Talks About Cryptocurrencies and the Future of ETFs
Cryptocurrency Law

SEC Chairman Talks About Cryptocurrencies and the Future of ETFs

In Brief

  • When Gensler first encountered cryptocurrencies, most of the investors in the market today were unaware of Bitcoin. During his three years in office, Gensler, who taught at MIT in 2018, emphasizing the greatness of Bitcoin and blockchain, made a significant impact on the industry. With his stance in the XRP Coin case and his unfair […]
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When Gensler first encountered cryptocurrencies, most of the investors in the market today were unaware of Bitcoin. During his three years in office, Gensler, who taught at MIT in 2018, emphasizing the greatness of Bitcoin and blockchain, made a significant impact on the industry. With his stance in the XRP Coin case and his unfair ETF rejections, he had no time to take steps on regulations.

SEC Chairman and Cryptocurrencies

In his speech at the 2023 Securities Practice Forum today, Gensler expressed in clear words that his approach to crypto has not changed. Every statement that will come from the SEC is closely followed due to increased optimism for ETF approvals.

Gensler, the nightmare of crypto, said the following;

“There is nothing that shows that cryptocurrencies/digital assets deserve less protection under our securities laws for investors and issuers in the securities markets. Congress could have said that the securities laws apply only to stocks and bonds in 1933 or 1934. However, Congress included a long list in the definition of securities, including ‘investment contracts’.”

This definition of investment contracts yields positive results in cryptocurrencies with an expanded Howey test. This is what Gensler is trying to get accepted in the US.

“This space is full of fraud, bankruptcies, and money laundering. Many organizations in this space claim that they operate outside the scope of regulations published before Satoshi Nakamoto’s white paper, but they do not hesitate to seek the protection of laws by filing for bankruptcy and litigating their private disputes. And don’t get me involved in crypto, it is an extremely incompatible area.”

While BTC dropped to $34,600 during Gensler’s statements, it would be appropriate to consider some of these as personal opinions. After all, Hinman also contradicted Gensler on many issues and the institution did what was necessary. If what is needed now is to approve ETFs, they will do it despite Gensler.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 25 October, 2023 - 8:03 pm 25 October, 2023 - 8:03 pm
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