Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC) is raising standards with a speech delivered before a nonprofit organization Practicing Law Institute.
In his Speech – “Kennedy and Crypto” he clearly mentioned that the SEC will use existing laws regulating the crypto ecosystem. Despite several anticipations and calls for regulatory frameworks specific to digital assets.
“Investors, issuers, and our overall economy have benefited from those securities laws and the SEC’s engagement for nearly 90 years. That oversight should not change just because the issuance and trading of certain securities are based on a new technology.”
Gensler further quoted Joseph Kennedy, First SEC Chairman, as he urges crypto and traditional finance companies to comply with securities laws.
“For those who are starting up in this space now – either from traditional finance or as crypto-native companies – work with us on compliance from the beginning. It’s far less costly …