- Gary Gensler also said he warned of the coming blow
- The lawsuits against cryptocurrency exchanges Binance and Coinbase
- He added that there is nothing special about the cryptocurrency assets and exchanges
SEC Chairman Gary Gensler spoke at the Piper Sandler Global Exchange & FinTech Conference. At the event, he made several statements regarding the cryptocurrency sector. There is nothing exceptional about cryptocurrency assets and exchanges, he said, and their proponents cannot claim that their tokens are actually beneficial.
“Some proponents of cryptoassets claim that their tokens serve a function beyond the simple role of an investment vehicle. Certain benefits cannot take a security out of the definition of an investment contract. And investors who buy these assets usually do so with the goal of making a profit based on the efforts of the issuers of these tokens,” said the SEC head.
Gensler also commented on his agency’s latest actions. During his speech at the conference, he stated that “they can never get away with behavior that is commonplace in cryptocurrency.”
“When cryptocurrency marketers speak out on Twitter or in the media and say they have not been given “honest information” about the possible illegal consequences of their actions, you should not believe it. Most likely, they consciously made a calculated economic decision – to accept the risk of legal consequences as part of the cost of maintaining their business.”
In addition, Gensler refuted information that cryptocurrency exchanges are impossible to register with the SEC.