SEC wants to register all digital assets considered securities, says president

SAO PAULO – The president of the Securities and Exchange Commission (SEC), Gary Gensler, issued a new statement in which he reinforces the idea of ​​creating a robust regulatory environment for cryptocurrencies, targeting mainly the digital assets that would fit. as titles.

Speaking during a hearing of the US Senate Banking Committee held this Tuesday (14), Gensler once again admitted that regulation is not keeping up with the pace of innovation in the crypto market, and stated that the agency has plans to regularize all assets which would be classified as securities and which are traded on exchanges.

“Although the legal status of each token depends on its own facts and circumstances, the probability is quite remote that, with 50, 100 or 1,000 tokens, any platform will have zero securities [listados para negociação]”, highlighted Gensler. “To the extent that there are securities on these trading platforms, in accordance with our laws, they must be registered with the Commission unless they qualify for an exemption.”

The head of the SEC also reaffirmed that it is technologically neutral and sees cryptocurrencies as a catalyst for change, and said again that companies in the sector that operate outside regulatory oversight would be putting investors at risk. In addition, he stressed that tokens that qualify as unregistered titles should seek the agency to become regularized.

The agency intends to attack on different fronts, also targeting activities in derivative exchanges, custody services and stablecoins, cryptocurrencies that are priced in line with fiat currencies such as the US dollar.

To carry out the plan, the SEC is committed to working together with other bodies, including the US Commodity and Futures Trading Commission (CFTC), which regulates the derivatives market, as well as the Federal Reserve, the US central bank, the Department of Finance. Treasury and the Office of the Comptroller of the Currency (OCC), which oversees national banks.

Gensler’s statement comes days after Coinbase, the country’s leading cryptocurrency exchange, revealed that the country’s capital market regulator had threatened to sue the company for offering a new cryptocurrency-based lending platform. In a statement released last week, the broker said it had started talks with the SEC at least six months earlier, and that the product would be in line with regulatory requirements.

As soon as the situation came to light, the shares of the first cryptocurrency brokerage listed on the New York Stock Exchange (NYSE) registered a decline and are already accumulating more than 9% of losses after going to US$ 242.42 this afternoon, against US $266.81 last week.

Gensler used his speech in the US Senate to bring up the matter, suggesting that Coinbase would have benefited from not having been required to register as a derivatives exchange despite offering trading in a number of digital assets considered unregistered securities.

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