SEC Chairman Sticks to ‘Cryptos Are Securities’ Position

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has stood by his call for cryptocurrencies to be subject to the same laws as securities ahead of a hearing.

“A lot of problems arise from the (crypto) industry’s failure to comply with securities laws,” Gensler said in testimony released today, according to The Block. “We have taken steps to hold criminals accountable and protect investors.” He added that the current situation is “reminiscent of the 1920s, before the federal securities laws were enacted.” Gensler is expected to continue his argument that cryptocurrencies are under the SEC’s jurisdiction at the hearing on December 12.

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