U.S. Securities and Exchange Commission Chairman Gary Gensler believes that U.S. crypto investors are not receiving enough information about most digital assets.
The SEC recently sent a Wells Notice to Robinhood's cryptocurrency division, warning that the retail trading giant plans to take legal action against Robinhood.
In a recent interview with CNBC, Gensler said that although he cannot speak to specific companies, he believes a significant portion of the crypto sector is not compliant with securities laws.
“In the crypto space, without prejudice to either side, many of those tokens are securities under local law as interpreted by the U.S. Supreme Court. You, the home, have not received the necessary or necessary disclosures about those assets.”
Robinhood CEO Vlad Tenev took me to X Earlier this week, it condemned the SEC's planned action against Robinhood Crypto.
“Over the past three years, we have reached a point where there is an onslaught of regulations that are harmful to American businesses and consumers.
The SEC's continued attacks on cryptocurrencies, coupled with recent rule proposals such as those related to predictive data analysis, represent yet another inappropriate attempt by the administrative state to stifle innovation. ”
In the new interview, Gensler also avoided answering the question of whether Ethereum (ETH) is a commodity or a security, instead speaking about the sector in broader terms.
“The fundamental question for me is: How can we ensure that American investors are protected? And right now, they're not getting the disclosures they need or want, and the intermediaries at the center of this fairly centralized market are generally contradicting themselves by doing things that they would never allow the New York Stock Exchange to do. doing. The New York Stock Exchange is not permitted to trade against investors. ”
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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