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Bitcoin: Trust Must Be Earned! Why It's Not Secure.
Reinout te Brake | 27 Sep 2024 12:56 UTC
Securities and Exchange Commission (SEC) Chair Gary Gensler recently emphasized the crucial role of trust in the cryptocurrency industry during an interview with CNBC. He drew parallels between crypto and historical innovations, highlighting the need for trust and transparency to foster innovation successfully. Gensler underscored the SEC's responsibility as the "cops on the beat" in enforcing regulations to ensure market safety.
Gensler reiterated that trust is paramount for the survival of the crypto industry. The SEC's enforcement actions against various crypto firms aim to create a secure environment for investors, targeting prominent figures like Sam Bankman-Fried (SBF) and others who are now facing legal implications.
"A number of them are in jail right now. I’m not just talking about SBF; a number of others,”
He highlighted the importance of investor protection, referencing past bankruptcies and financial losses in the industry. Gensler criticized fraudulent practices and emphasized the long-term consequences of allowing such activities to go unchecked.
Gensler stressed the necessity of clear rules and investor protections in the crypto space, declaring that building trust among investors is essential for the industry's sustainability. He acknowledged the innovation in the industry but cautioned that a regulatory framework is crucial for safe operations.
Gensler affirmed the SEC's position that Bitcoin is not classified as a security, citing the Howey Test for determining security status based on investment characteristics. Since Bitcoin functions more like a decentralized commodity, similar to gold, it does not meet the criteria to be regulated as a security.
“You can decide to go long or short these projects, but you need the disclosures.”
He highlighted the consistent stance of the SEC regarding Bitcoin's regulatory status and differentiated it from other cryptocurrencies that have faced scrutiny for unregistered securities offerings.
Gensler addressed concerns about regulatory clarity in the crypto sector, asserting that there are existing rules to protect investors from conflicts of interest and fraudulent activities. His tenure at the SEC has been marked by aggressive actions against industry players, including legal proceedings against Ripple Labs for violating securities laws.
Ripple Labs was ordered to pay $125 million in fines for conducting unregistered token offerings, reflecting Gensler's commitment to enforcing regulations and protecting investor interests in the evolving crypto landscape.