Synopsis Speaking at a Piper Sandler conference in New York, Gary Gensler also reiterated his view that the “vast majority” of crypto tokens meet the test for being a security and should be registered with the SEC. Reuters SEC Chairman Gary Gensler The chair of the US Securities and Exchange Commission ( SEC ) on Thursday strongly rebutted criticism that the agency is trying to crush the crypto industry and said many companies in the space had made a “calculated economic decision” to flout its rules. Speaking at a Piper Sandler conference in New York, Gary Gensler also reiterated his view that the “vast majority” of crypto tokens meet the test for being a security and should be registered with the SEC.
That means most crypto exchanges have to comply with the securities laws too, he added. “When crypto asset market participants go on Twitter or TV and say they lacked ‘fair notice’ that their conduct could be illegal, don’t believe it,” he said. “They may have made a calculated economic decision to take the risk of enforcement as the cost of doing business.
” The crypto industry has attacked Gensler in recent days after the SEC sued two of the world’s largest crypto exchanges, Coinbase and Binance , for allegedly breaking securities laws by failing to register their operations with the agency. Coinbase Chief Executive Brian Armstrong, an outspoken SEC critic who has led a push in Washington for clearer crypto rules, on Wednesday hit back at Gensler, calling him an “outlier” among Washington policymakers and accusing him of being “icy” when the company approached him about registration. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.
click here! Thursday, 08 Jun, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Economy Sports & Companies More Regulation? AI, Says Altman Unleashing Creativity: While norms are needed for major companies, smaller players should be allowed to flourish, OpenAI CEO says in a conversation with Times Internet vice chairman Satyan Gajwani. Visa Delays for Chinese Pros Hit India Biz The government’s strict approval process for granting visas to Chinese nationals and clearing investment plans of Chinese firms is now hurting Indian businesses, with projects getting delayed or even scrapped, multiple industry executives told ET. OECD Raises India’s FY24 Growth Forecast a Jot to 6% The Organisation for Economic Co-operation and Development (OECD) on Wednesday moved its forecast on India’s economic expansion for this fiscal year higher to 6%, from 5.
9%, while citing weak global demand and the effect of monetary policy tightening as factors constraining the growth. Read More News on sec Crypto Coinbase Binance Cryptocurrency us securities and exchange commission coinbase and binance Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
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