Gary Gensler Gets Rare Support On Crypto From Ex SEC Chair

Also Read: Banks, VCs, Pension Funds Once Crypto-Friendly Steering Away From Crypto

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During the recent House Financial Services Committee hearing, Gary Gensler dodged the question on explaining how crypto firms should comply with the laws. The Committee Chair Patrick McHenry came down heavily against Gensler’s stance that existing securities laws are already compatible with the Crypto Market.

Jay Clayton Supports Gensler

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Speaking about the state of the Crypto Market and the debate around regulation, Clayton said securities can eventually become commodities but currently many cryptocurrencies appear to be securities. He explained that these assets now give a first mover advantage to early investors in crypto projects, hence acting as securities. During a discussion on CNBC on Friday, he also said,

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“The courts are not an efficient place to resolve classification issues around securities and commodities.”

His comments attracted criticism from the crypto community, which was buoyed by the Gensler’s grilling on lack of clarity during the Congressional hearing. Meanwhile, the US regulators are facing fresh wave of angst after the European Union’s voting to pass the Markets in Crypto-Assets (MiCA) regulation. MiCA is touted as the first comprehensive rules for digital crypto asset service providers.

Also Read: Nasdaq-Listed Bitcoin Mining Company Buying Miners Worth Millions

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