“Most crypto tokens involve a group and entrepreneurs raising money from the public in anticipation of profits — the hallmark of an investment contract or a security under our jurisdiction,” SEC Chairman Gary Gensler said.
The vast majority of crypto tokens in circulation are securities that should be overseen by the Securities and Exchange Commission, Chairman Gary Gensler said in a speech Monday.
Gensler also reiterated his intention to bring greater regulatory scrutiny to cryptocurrency exchanges like Binance, Coinbase COIN, +2.51% and Kraken. He said that he has directed staff to work on “getting the platforms themselves registered and regulate much like exchanges.” Many issuers of cryptocurrencies have not registered with the SEC as securities issuers, despite Gensler’s repeated argument that most digital tokens are under its jurisdiction. Gensler’s predecessor, Jay Clayton, has also argued that the issuers of crypto tokens have been delinquent in not registering with the agency.
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