SEC Chairman Gensler Holds Firm to His Crypto Stance Ahead of Senate Testimony

The official will testify before the Senate Banking Committee on September 15; in a transcript published earlier, he reiterates the primacy of securities law in crypto regulation.

U.S. Securities and Exchange Commission Chairman Gary Gensler is scheduled to testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs in a hearing titled "Securities and Exchange Oversight United States Commission" on September 15. The transcript of his speech was published in advance.

Gensler has called securities laws the "gold standard" of capital markets. In his comprehensive 13-page discussion of these markets, crypto markets took up about a page and a half, including the footnotes.

According to a @BankingGOP aide at @GaryGensler's hearing on Thursday: "Expect @SenToomey and @BankingGOP to argue that President Gensler's pursuit of a highly politicized liberal policy agenda has distracted him from fulfilling @SECGov's core mission of protecting investors, maintaining

Gensler reaffirmed his belief that most cryptocurrencies are securities. He has since instructed SEC staff to “work directly with contractors to have their tokens registered and regulated, where appropriate, as securities.” He continued that many intermediaries, such as stock exchanges, brokers and those with custodial functions, deal in securities and should be registered...