U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler says many cryptocurrency firms need to register their tokens with the agency.
According to his testimony today before US Congress, Gensler deems a large portion of the approximate 10,000 cryptocurrency tokens as securities and says securities laws must apply to their transactions.
Gensler, before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, says,
“Given that most crypto tokens are securities, it follows that many crypto intermediaries — whether they call themselves centralized or decentralized (e.g., [decentralized finance]) — are transacting in securities and have to register with the SEC in some capacity.”
Gensler says he is directing his staff to work with cryptocurrency companies and entrepreneurs to assist in the registration process. He says