Gary Gensler reiterates that the SEC acts in accordance with the law after actions against the crypto sector

  • Gensler believes that the SEC is doing the right thing in its actions against companies and crypto projects
  • Indicates that everything is in accordance with the provisions of the laws in force
  • He rejected the criticism against him and confirms that they are protecting investors
  • Gensler’s management has been the subject of strong rejection in the crypto industry

The president of the US Securities and Exchange Commission (SEC), Gary Gensler, reiterated that the agency’s actions and its comments towards the digital currency ecosystem fully comply with what is established by law, so discredited the criticisms and accusations made by various organizations in the ecosystem.

Gensler confirms that he acts in accordance with the law

Gensler’s remarks came during a press conference after finishing an SEC meeting on exchange funds and broker-dealers. There he assured that all the actions undertaken to date are aimed at “protecting the investing public”, as well as analyzing the facts and circumstances behind each of the tokens and platforms.

Regarding the latter, Gensler assured that he “was sworn, along with his fellow commissioners, to enforce the law that Congress approved and how the courts will interpret it”, so the actions taken by the SEC are completely in place, reiterating that he is “well aware of his ethical responsibilities”.

According to a report issued by The Block, one of the harshest accusations against Gensler himself and the SEC was made by the Blockchain Association‘s policy director, Jake Chervinsky, who accused both of not making fair assessments regarding the main crypto assets currently in force, especially when it has classified some of these as unregistered securities in the lawsuits filed against Coinbase and Binance.

The controversy against Gensler

Despite the fact that Gensler has reiterated on several occasions that both he and the agency he presides overact in accordance with the law, his management has been the subject of much criticism due to the arbitrary nature with which certain decisions are being made, especially in light of the absence of appropriate laws to address cryptocurrencies and companies in the sector.

In the past, Gensler has commented that any digital asset or currency other than Bitcoin could probably be listed as a security. This is the statement on which the Blockchain Association has based itself to criticize the unfair evaluations it makes of other cryptocurrencies.

Beyond that, the criticism against Gensler also points to the restrictive perspective with which the SEC has been acting in recent months. The lawsuit filed against Ripple Labs for the commercialization of the XRP token more than five years ago stands out, as well as the dispute that will go to court against Coinbase, an entity that has tried to establish channels with the regulator to clarify the situation of the sector without success. throughout these years.

And another of the most notable accusations against the SEC by crypto companies is the lack of clarity in the processes established to register with the body. The most illuminating testimony in this matter was that of the Robinhood team, who spent about 16 months trying to register, which was suddenly suspended due to failure to comply with certain requirements that were impossible to address.