Securities and Exchange Commission Chair Gary Gensler has doubled down on his assertion that crypto assets are securities and should be regulated as such.
“Most crypto tokens involve a group of entrepreneurs raising money from the public in anticipation of profits — the hallmark of an investment contract or a security under our jurisdiction,”Gensler is angling for full control over the regulation of the crypto sector, which is likely to result in harsh restrictions for companies and investors in the country.
He claimed that very few crypto assets operate like commodities or digital gold, which is why his agency should have jurisdiction over them rather than the Commodities Futures Trading Commission .The Howey Test refers to a 1946 U.S. Supreme Court case for determining whether a transaction qualifies as an investment contract. Under U.S.
According to Gensler, if a derivative contract known as a swap is based on a crypto asset, it is a security-based swap and subject to SEC registration, he added: “It’s important to recognize that if the underlying asset is a security, the derivative must comply with securities regulations.”Those opposing this line of thinking, such as Senator Cynthia Lummis and Senator Kirsten Gillibrand, believe that crypto assets are commodities and should be regulated by the CFTC.The call for tighter regulations comes at a time when crypto markets are falling hard into what could be another prolonged bear market.
The cumulative market cap has been hammered a further 13% on the day in a fall to $1.2 trillion, its lowest level in about a year.
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