Gensler takes aim at crypto industry pushback on enforcement: Barron's
Quick Take
- The SEC still sees most digital assets as securities, despite industry pushback according to prepared remarks from Chair Gary Gensler as reported by Barron’s.
- The speech seems to take aim at pushback from the crypto industry on the commission’s enforcement measures.
Gary Gensler, chairman of the Securities and Exchange Commission (SEC), is not changing his mind on crypto enforcement.
Citing prepared remarks for a speech tomorrow, Barron's reports that Gensler is continuing to consider most crypto assets to be securities and crypto trading platforms to be securities exchanges. This would obligate both issuers and exchanges to register with the SEC, which the industry has been reluctant to do.
The industry and its allies in government have shot back at Gensler over what they have called regulation by enforcement.
“Some in the crypto industry have called for greater ‘guidance’ with respect to crypto tokens,” Barron's quotes Gensler's speech. “Not liking the message isn’t the same thing as not receiving it.”
Since assuming office, Gensler has taken aim at many branches of the crypto industry, including exchanges like Coinbase and the bulk of crypto assets. He also was early to call crypto lending products securities.
A representative for the SEC had not responded to a request for comment as of publication time.
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