SEC Chairman: Cryptocurrency Market and Securities Laws are Not Incompatible, No Need for New Regulations

The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, recently attended a meeting of the Investment Advisory Committee where he bluntly stated that there is no need to set regulations for cryptocurrencies, as the crypto market is not incompatible with securities laws, and the time-tested securities laws are sufficient to protect market investors.

Gary Gensler: Cryptocurrency Market is not Incompatible with Securities Law

During the meeting, the host directly asked Gary, "You have been criticized by some regulators in the cryptocurrency industry for only enforcing the law rather than creating regulations. Why are you still unwilling to enact regulations to manage cryptocurrencies?"

In response to this question, Gary straightforwardly stated that there are already regulations in place.

"They are called securities laws and securities rules, and there is nothing incompatible between the cryptocurrency market and securities laws," Gary said.

Gary also mentioned that the SEC's goal is to bring compliance to the cryptocurrency field so that investors are protected anywhere in this market under the established securities laws.

Furthermore, Gary warned that if cryptocurrency companies attempt to evade regulations but continue to offer products and services in the United States, including securities brokerage, cryptocurrency product trading, custody services, and lending products, the SEC will continue to play its enforcement role.