Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), recently took to his personal X account to address the numerous violations occurring in the cryptocurrency industry. He expressed concerns about the detrimental impact these violations have on public trust, as many victims find themselves queuing up in bankruptcy courts. This environment also creates an unfavorable situation for honest and law-abiding participants, making it difficult for them to compete.
Gary Gensler also attached to this article a clip from his interview with CNBC on December 14. In this clip, he mentioned that there are a lot of irregularities in the crypto space, and many intermediaries who call themselves trading platforms are engaged in business that is not accepted by traditional finance. The SEC has successfully resolved numerous cases around the world, and securities laws help protect investors from fraud and manipulation.
According to an article by Fox Business senior reporter Charles Gasparino on the X platform, the SEC is conducting a rare conference call with applicants for Bitcoin spot ETFs. He revealed that the meeting may result in approval before January 10.
According to another Fox Business reporter Eleanor Terrett, sources who participated in the call told her that the purpose of this call was to ensure that every applicant adopts the "cash creation" model. At the same time, the Securities and Exchange Commission (SEC) requires issuers to remove any hint of physical redemption from filing documents. This measure is intended to ensure that applicants do not exchange physical funds when conducting transactions, but rather conduct transactions in cash. This requirement also reflects the SEC’s increased supervision of the market to ensure fairness and transparency in transactions.
Despite Gary Gensler pointing out irregularities in the crypto space, the adoption of a Bitcoin spot ETF is accelerating, which is in stark contrast to the SEC’s attitude.
According to a Reuters report on December 15, the SEC rejected a petition filed by Coinbase Global (COIN.O) to establish new rules in the field of digital assets. SEC Chairman Gary Gensler said that existing laws and regulations apply to the current cryptocurrency market.
Paul Grewal, chief legal officer of Coinbase, pointed out that we should view our industry with a fair attitude, because no one believes that the law is clear and there is still a lot of work to be done. He calls on us to work together to create laws and rules that benefit consumers and American innovation.
After the SEC’s rejection, Grewal shared a court document on social media platform right.
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