Securities and Exchange Commission Chairman Gary Gensler warned that new regulations are needed on cryptocurrencies and digital assets in order to protect...
Securities and Exchange Commission Chairman Gary Gensler on Tuesday warned that new regulations are needed on cryptocurrencies and digital assets in order to protect U.S. national security.
“These platforms may facilitate those seeking to sidestep a host of public policy goals,” Gensler said. “Sidestepping our traditional banking system…and sidestepping anti-money laundering and tax-compliance sanctions,” he added, noting that this may threaten U.S. national security. In a question-and-answer session following Gensler’s speech, the SEC chairman may have disappointed those in the industry who are seeking greater clarity as to whether the agency considers any particular digital asset a security for regulatory purposes.
The SEC abides by a set of conditions known as the Howey test, developed by the Supreme Court in 1946, which states that an instrument is considered a security when it’s “a contract, transaction or scheme whereby a person invests his money in a common enterprise, and is led to expect profits solely from the efforts of the promoter or a third party.”
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