SEC Chairman Gary Gensler Says He's Coordinating With Various Crypto Exchanges To Protect Investors

US Securities and Exchange Commission Chairman Gery Gansler (Bitcoin.com News)

JAKARTA – In the midst of the dispute between the US Securities and Exchange Commission (SEC) and Ripple (XRP), SEC Chairman Gary Gensler stated that his party must communicate with crypto exchanges to provide certainty regarding the rules regarding various existing digital assets. In addition, Gensler also stated that the effort is aimed at providing protection to crypto investors.

Gensler made this statement in an interview with Bloomberg as reported by Cryptopotato. Gensler said it's not trying to judge anyone, just that "there are a lot of crypto tokens that are assigned a security attribute."

He continued that the tokens raise money from the public. The SEC seeks to take a number of actions by cooperating with crypto platforms. This is intended to conform to SEC rules that seek to protect investors.

“They collect money from the public and the public anticipates profits based on the efforts of others, so we have taken a number of actions. We try to work with various crypto platforms, exchanges, lending platforms to log in, register, so we can adjust our rules to provide investor protection…” he said.

In addition, Gensler stated that crypto platforms are likely to provide access to securities that are not listed and require regulatory updates. He argues that companies in the crypto industry should take the initiative to establish communication with the SEC to ensure compliance with applicable regulations.

"If you have a (crypto) platform and you have 75 or 100 (tokens), or sometimes 5.000 tokens on that platform, chances are it's a few of them and maybe a lot of them are called securities..." Gensler said.

The SEC chairman added that regulators could apply more stringent rules. However, Gensler said it would be better if crypto platforms or exchanges cooperated with the SEC to comply with securities-related laws.

“It boils down to this: are you raising money from the public and the profits that the public expects based on the efforts of others? My predecessor Jay Clayton, the agency I honorably lead today, will try to provide protection to investors and if that means demanding tougher enforcement action, we will, but it would be even better if the platform cooperated with us and got legal protection. securities laws," Gensler said.