SEC chair crypto targeting shows his intent to expand the agency’s powers.
Gensler seems more interested in enforcing crypto regulation than providing clarity about the regulation.
The SEC chair, Gary Gensler, remains undiscouraged in his quest to expand the agency’s power beyond current constitutional boundaries. An unconvincing proof is Gensler’s all-out assault against the digital asset market. Currently, the regulation of cryptocurrencies falls under the purview of the commodity futures trading commission (CFTC) and not the SEC.
The CFTC regulates any investment that isn’t considered traditional securities. The only way the SEC can regulate digital assets is through congressional action. For Gensler to successfully ensure that the SEC regulates cryptos, most US securities laws would need to be overturned.
Related: SEC and CFTC to work together in regulating cryptocurrencies, Gary Gensler reveals
Gensler seeks to overturn a 76-year-old supreme court judgement (the Howey test)....
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