Last week, U.S. Securities and Exchange Commission Chairman Gary Gensler and Commissioner Hester Peirce issued two public statements that show radically different understandings of the application of securities law to crypto.
To put the scene in context, Bloomberg's Zeke Faux was there giving away free copies of his new book,"Number Go Up" , and coffee mugs with the logo of the bankrupt crypto exchange FTX had adorned the center of every table. Those mugs were filled with mints, a cheeky gesture by the event organizers given former FTX CEO Sam Bankman-Fried’s ongoing trial.
She also highlighted the negative impact that the current enforcement-only approach has on investors and showed empathy for the entrepreneurs trying to make sense of the regulations. Moreover, the existing securities framework was designed to regulate securities instruments that differ fundamentally from crypto assets, and as a result current registration forms rely on a set of disclosures that are inadequate for crypto’s unique aspects and leave investors vulnerable.the existing regulatory gap and called on Congress to update the regulations. But the political climate changed, and with it Gensler’s recognition of the problem and his willingness to act.
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Source: WashTimes - 🏆 235. / 63 Read more »
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