{"id":582674,"date":"2023-06-08T21:41:51","date_gmt":"2023-06-08T20:41:51","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=582674"},"modified":"2023-06-08T21:42:01","modified_gmt":"2023-06-08T20:42:01","slug":"gary-gensler-crypto-firms-flouting-rules","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/gary-gensler-crypto-firms-flouting-rules\/","title":{"rendered":"SEC Chair Gary Gensler Accuses Crypto Firms Of Willingly Flouting Rules"},"content":{"rendered":"\n<ul><li>SEC Chairman Gary Gensler has alleged that crypto firms made a calculated decision to evade rules.&nbsp;<\/li><li>Gensler also denied the allegations of crushing the crypto industry through enforcement actions.&nbsp;<\/li><li>The SEC Chair reiterated his long-standing view that the majority of crypto tokens qualify as a security.&nbsp;<\/li><li>Rebutting industry claims, Gensler laid out the path for crypto firms to register with the regulator.&nbsp;<\/li><\/ul>\n\n\n\n<p>Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, has responded to the crypto industry\u2019s backlash in light of recent enforcement actions initiated by his agency. Gensler defended the actions of the SEC and blamed crypto firms in the country for \u201cflouting\u201d rules. The SEC Chair also responded to the industry\u2019s claims of having no way to register with the securities regulator.&nbsp;<\/p>\n\n\n\n<h2><strong>Gary Gensler Denies Allegations of Crushing the Crypto Industry<\/strong><\/h2>\n\n\n\n<p>According to a report by <a href=\"https:\/\/www.reuters.com\/business\/finance\/us-sec-chair-says-crypto-companies-made-calculated-decision-flout-rules-2023-06-08\/\" rel=\"nofollow noopener\">Reuters<\/a>, Gary Gensler has accused the crypto firms of making a \u201ccalculated economic decision\u201d to flout the rules set by his agency. The SEC chair alleged that crypto firms decided to take the risk of enforcement as the cost of conducting business in the United States. Gensler believes that crypto entities that got hit with enforcement actions had legal trouble coming. He indicated that firms that don\u2019t comply with the rules will attract enforcement action.\u00a0<\/p>\n\n\n\n<p>SEC Chair Gensler\u2019s comments came during the Piper Sandler Global Exchange and Fintech Conference earlier today. During his speech, he pushed back against the crypto industry\u2019s allegations of him using the agency to crush them. He also stated that contrary to the industry\u2019s repeated demands, there was no need for legislation from Congress for regulating the crypto space.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>We\u2019ve issued a reopening release that reiterated the applicability of existing rules to platforms that trade crypto assets securities, including so-called DeFi systems, that\u2019s already the law. That\u2019s already the rule. Not liking the law, not liking the rules is different than not hearing it or not getting it.\u201d\u00a0\u00a0<\/p><cite>Gary Gensler, Chairman of the SEC<\/cite><\/blockquote>\n\n\n\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/gary-gensler-us-no-more-digital-currency\/\">Gary Gensler<\/a> reiterated his long-standing controversial stance on crypto securities and stated that the majority of the crypto tokens out there qualified as security. For those who claimed that there was no way to comply with the SEC\u2019s rules, Gensler detailed how crypto firms could register themselves with the regulator and highlighted potential exemptions that may be granted to operators who meet certain criteria.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC Chairman Gary Gensler has accused crypto firms of willingly flouting rules and risking enforcement actions as the cost of doing business in the United States. <\/p>\n","protected":false},"author":62,"featured_media":582676,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,947,22,2],"tags":[978,7091,108692,5530],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582674"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=582674"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582674\/revisions"}],"predecessor-version":[{"id":582677,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582674\/revisions\/582677"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/582676"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=582674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=582674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=582674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}