“Under our laws, they have to register with the Commission unless they qualify for an exemption,” said Gary Gensler, chair of the United States Securities and Exchange Commission. Gensler is asking crypto projects with securities to register with the regulatory body to make sure all investors are protected. In his upcoming testimony at the Senate Committee on Banking, Housing, and Urban Affairs scheduled for today at 10 am Gensler prepared a statement that said the SEC will be working with the Commodities Futures Trading Commission for investor protection in crypto markets. Gensler wants a policy framework through working with the Federal Reserve, Department of Treasury, Office of the Comptroller of the Currency, and President Joe Biden’s Working Group on Financial Markets. “I’ve suggested that [crypto firms] platforms and projects come in and talk to us. Many platforms have dozens or hundreds of tokens on them. While each token’s legal status depends on its own facts and circumstances, the probability is quite remote that, with 50, 100, or 1,000 tokens, any given platform has zero securities.”
What the Chair doesn’t seem to comprehend is that Crypto is their replacement, not a new thing to be regulated and brought to heel. The mere fact he thinks these digital tokens that do not exist in reality will ever be realistically regulated shows just how out of touch lawmakers are with how big the crypto world has become. It is like watching a boy at the beach fill a bucket of sea water and pretend that he now controls the ocean…. Mr. Gensler, it is too late, it is too big, and your bucket is far too small.