Gary Gensler Insists Crypto Industry Must Bow to SEC

JAKARTA - Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, is still adamant about his stance in supervising the crypto industry. In his testimony before the Senate Banking Committee, Gensler emphasized that crypto assets should be classified as securities and subject to strict SEC regulations.

He cited issues of non-compliance with securities laws as the main reason behind his tough stance. "Given the industry's widespread noncompliance with securities laws, it is not surprising that we are seeing a lot of problems in this market," Gensler said.

Even though the SEC has lost several recent court cases, including legal battles with Grayscale and Ripple, Gensler remains adamant about regulating crypto.

He claims that most crypto tokens meet the Howey Test, a legal framework used to determine whether an asset should be considered a security or not.

Gensler's stance reflects that cryptocurrencies should be subject to the same regulations as traditional securities. Although several recent court decisions have not sided with the SEC, including partial support for Ripple and an order to review Grayscale's Bitcoin ETF application, Gensler has not turned away from his efforts to advocate for stricter oversight.

While the SEC continues its legal efforts in these cases, Gensler's testimony in the Senate is expected to provide clarity in the regulation of the rapidly evolving crypto industry. This issue has created uncertainty among industry players and investors.