Gary Gensler urges exchanges to register with the SEC

In a new press release, US Securities and Exchange Commission Chairman Gary Gensler urged cryptocurrency exchanges that operate under his control and within state borders to ensure the safety of their investors' investments by registering with the Securities and Exchange Commission.

Gensler invites exchanges to register

Gensler made the appeal, as part of his prepared statement for the upcoming showdown, before the Senate Committee on Banking, Housing, and Urban Affairs, scheduled for September 14 .

The commission drew Gensler's attention to a major complaint about the complete oversight of the SEC.

For his part, the Chairman of the Securities and Exchange Commission confirmed that his team and the Commodity Futures Trading Commission are working tirelessly to protect investors, in cooperation with the main government agencies and agencies, according to which the Commission hopes to establish an appropriate and rigorous framework at the same time, which would direct the space Cryptography in the United States.

As the chairperson said:

“I suggested [crypto] platforms and projects come and talk to us, many of the platforms might have dozens or hundreds of tokens on them.

You May Also Like: $16 billion US lawmakers want cryptocurrency holders

While the legal status of each digital token depends on its facts and circumstances, and with 50 , 100 or 1,000 tokens, we consider that any of these platforms, do not contain any securities.”

Cryptography can be a 'catalyst for change'

Gensler emphasized the need for a framework for checking and balancing, which puts crypto companies at ease, and checks for their excesses.

He argued that only if they remain within the established framework can crypto companies act as "catalysts for change" .

Last month, Gensler hoped to implement new changes to crypto policies that will affect digital token offerings, DeFi , stablecoins , lending platforms and exchange-traded funds.

Being a fan of negotiation, he invited cryptocurrency companies to "come and talk to the Securities and Exchange Commission . "

He Gensler deplored the weak protection measures for investors, saying:

“We do not have enough investor protection in cryptocurrency financing, issuance, trading or lending.

Frankly, at this time, it looks more like the Wild West or Old World, “buyer education” system that existed before the securities laws were enacted.

Read This: An eye on encryption. How secure are encrypted banking transactions?

This asset class is riddled with fraud, deception, and abuse in some applications.”