'If you want to take a risk, take a risk. But we are ... making sure there's full and fair and truthful disclosure,' SECgov Chair GaryGensler told nikhileshde. Read the complete transcript of their conversation in the State of Crypto newsletter.
Securities and Exchange Commission Chair Gary Gensler told the Practising Law Institute last week that existing securities laws fit the crypto markets in a speech that’s garnered attention from all parts of the digital currency ecosystem. Prior to the speech, I had the opportunity to speak with the longtime regulator about his agency’s approach to crypto.
And so I think of it in that context. And 90 years later those basic bargains are really what it's about when somebody is raising money from the public – the public gets to decide which risks they take. We at the Securities and Exchange Commission are not a merit regulator. If you want to take a risk, take a risk. But we are, and what our regime is about, is about disclosure, making sure there's full and fair and truthful disclosure.
They don't just resemble securities, they are securities. Thurgood Marshall, a great Supreme Court Justice, wrote in an opinion – and I think it was in the 1970s – that the Congress painted with a broad brush to protect the public when somebody is raising money from the public and the public anticipates a profit. That's kind of the core.
The next step is if they successfully register, the investing crypto public can get to decide. These are, by their very nature, speculative assets. There's give or take 10,000, and pretty much any venture capitalist would probably tell you that most startups fail. That's just the nature of the economics of startups. And so the investing public will get a fuller disclosure about those individual token projects.
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