Recalling the words of the first SEC leader nearly 90 years ago, SEC Chairman Gary Gensler said in his opening remarks that the core principles of investor protection apply to all corners of the securities market, including intermediaries in the securities and virtual currency markets. at the annual SEC Speaks event in Washington, D.C., on Sept. 8.
Chairman Gensler said, “Joseph Kennedy, the first SEC Chairman, said, “An honest company need not fear the SEC,'' which reflects how Congress has shaped securities laws over the generations. He went on to explain how he had “refined and revised” it. “There is nothing inconsistent with securities laws regarding virtual currency markets,” Gensler said. “Regardless of the underlying technology, investor protection is equally important.”
Chairman Gensler noted how investors, issuers, and the entire economy have benefited from nearly 90 years of federal securities laws and the SEC's work.
“Supervision should not change just because the issuance or trading of a particular security is based on new technology. “It is in the public interest of investors that intermediaries are registered and supervised.” ”
“I look forward to working with crypto projects and intermediaries that seek to comply with the law, and I look forward to working with Congress on a variety of legislative initiatives while maintaining our current strong authority,” said Chairman Gensler. I'm looking forward to it,” he said, concluding his speech. “We need to make sure we don't inadvertently violate the securities laws that underlie our $100 trillion capital market. Securities laws have made our capital markets the envy of the world.”
Read Chairman Gensler's full statement titled “Kennedy and the Code,” delivered on September 8, 2022.
