8 month 3 Japan , Securities and Exchange Commission () New chairman Gary Gensler Convey the signal of strengthening supervision in the field of cryptocurrency . He compares the current cryptocurrency industry to 「 Wild West 」, Hype and fraud abound , And the regulatory authorities still lack sufficient investor protection mechanism .
Gensler To emphasize the SEC The most important mission , That is to protect investors . He said , Many of some crypto tokens are offered and sold as securities , These products are subject to securities laws , And must operate within the securities system . This is also the current SEC The main regulatory means for the cryptocurrency industry .
Gensler According to ,SEC At least seven areas of the cryptocurrency market are being studied , Including yes DeFi、 Regulatory exploration of trading platform and stable currency . He also called on Congress to give SEC More authority and resources to regulate the cryptocurrency industry , To prevent transactions 、 Products and platforms fall into regulatory loopholes .
This year 3 He took office in June SEC The new chairman , Showing a vigorous regulatory style . Because he taught blockchain and cryptocurrency related courses at MIT , The outside world once regarded it as an important part of the encryption industry 「 friendly forces 」. Now , This fantasy was broken .
In the eyes of some insiders , The strengthening of supervision is conducive to the development of encryption asset industry in the long run .Gensler Also emphasized , If cryptocurrency is to realize its potential as a catalyst for change ,「 We'd better integrate it into the public policy framework .」
SEC Research on cryptocurrency regulation includes DeFi
Securities and Exchange Commission (SEC) New chairman Gary Gensler The attitude towards the encryption industry has always been concerned . stay 8 month 3 Day Aspen Security Forum（ Aspen Security Forum ） On , This year 3 He took up the post in January SEC The chairman's official , With 「 Cryptocurrency and national security 」 The theme of , He publicly expressed his views on the cryptocurrency industry for the first time .
Gensler Think , At present , The United States does not have enough investor protection mechanism in cryptocurrency ,「 It's more like a wild west .」 In his observation , Some applications related to encrypted assets are full of fraud 、 Fraud and abuse , In many cases , Investors cannot get strict 、 Peer to peer and complete information . therefore ,SEC Will use its power to regulate the cryptocurrency market to the maximum extent .
stay Gensler It seems , Most digital tokens are like investment contracts , Offered and sold as securities , Therefore, it should be regulated . But in today's encrypted asset market , Many tokens may be unregistered Securities , There is no need to disclose information and accept market supervision , This makes prices vulnerable to manipulation .
SEC chairman Gary Gensler
actually , Link cryptocurrency to Securities , And supervise cryptocurrency in accordance with the relevant regulations of the securities law , yes SEC A regulatory tool that has long been tried .
last year 12 month ,SEC Announce to ripo （Ripple） The company and its two executives filed a lawsuit , Accused them of passing an unregistered 、 The ongoing digital asset offering has raised more than 13 Billion dollars . Its so-called 「 Digital asset securities 」 It is the mainstream encryption asset of the coin circle XRP.SEC Think ,XRP Issued and sold by a centralized company , Of securities , But ripo didn't register them for XRP Quotation and sales of , No exemption from registration has been obtained , Violation of the registration requirements of the Federal Securities Act .
In a public speech ,Gensler The importance of protecting investors has been emphasized many times . He said ,SEC At least seven areas of the cryptocurrency market are being studied , These include DeFi、 Trading platform and stable currency .
Even though DeFi It's called decentralized finance , However, hacker attacks and fraud often occur in this field ,Gensler Pointed out that ,DeFi Lending may belong to SEC The regulatory scope of , Because it usually provides a specific interest rate return . He also said he , A platform for pooling encrypted assets may be similar to a mutual fund , It means SEC It can be regulated .
When talking about the supervision of trading platforms ,Gensler Express , These platforms have significant gaps in investor protection . Although many overseas platforms claim that they do not serve U.S. investors , But there are allegations that , The American public can still buy and sell cryptocurrencies on these trading platforms .「 without doubt , If there are securities on these trading platforms , According to our law , They must register with the Committee , Unless they meet the exemption conditions .」
Gensler Also observed , Encrypted asset transactions are usually completed with stable currency , He is worried that the stability currency may be used to avoid anti money laundering and taxation , May affect national security .「 These stable currencies may also be securities , If so , Should belong to SEC The jurisdiction of 」.
Strict regulatory attitude breaks optimistic expectations
It is worth noting that , At the Aspen Security Forum ,Gensler In particular, he called on Congress to give SEC More authority and resources to regulate the cryptocurrency industry , To prevent transactions 、 Products and platforms fall into regulatory loopholes . This conveys his intention to improve supervision .
Gensler Aggressive regulatory style towards the encryption industry , Broke many people's illusions about him . Before he takes office SEC Chairman , Someone once thought , Because of his academic background in the encryption asset industry , It may be more open to regulation in this regard . But for now ,Gensler It can't be regarded as the of the encryption asset industry 「 friendly forces 」.
Gensler With a rich life experience , He worked at Goldman Sachs 20 year , During the Obama administration , He was hired as Deputy Minister of Finance , Then he served as chairman of the U.S. Commodity Futures Commission , And after leaving these posts , He chose to teach blockchain and cryptocurrency related courses at MIT .
As report goes ,Gensler This course teaches the development of bitcoin and the impact of blockchain on the financial industry . And in the 2018 At a blockchain business summit in ,Gensler Also said , Blockchain technology has real potential to change the financial world ; Although many technical and commercial challenges remain to be overcome , But this innovation can reduce the cost of the financial system 、 Risk and economic rent .「 I'm an optimist , Hope to see this technology succeed .」
These statements once made the outside world think Gensler Steer SEC after , The Department is expected to approve bitcoin for the first time ETF. But apparently ,Gensler Now in its place , Only for their own government . As SEC chairman , His primary responsibility is to control the securities industry , Protect investors , Instead of developing blockchains .
stay 8 month 4 In an interview with Bloomberg on the th Gensler Emphasize once again , His rich background in blockchain and cryptocurrency does not mean that he will make any concessions for this new industry . He said , Although he is neutral about this technology , even to the extent that 「 I'm curious 」, But protecting investors from fraud is more important .
And according to statistics , There are already 11 The agency sent SEC Submitted bitcoin ETF Applied S-1 form , among VanEck Bitcoin Trust First to submit an application , This year, 3 month 19 Japan SEC Start the audit process . But this year 5 The month and 6 month ,SEC Twice announced that the decision was postponed and hoped to further solicit public opinions . In accordance with the requirements ,SEC It needs to be this year 11 month 14 Make a final decision on the application a few days ago .
from Gensler According to the current position , He focused more on protecting investors , Including exploring cryptocurrencies and DeFi The way of Supervision . under these circumstances ,SEC In the face of bitcoin with high investment risk ETF when , May be particularly cautious .
At present , Not just America , China 、 Canada 、 Britain and other countries have also strengthened the supervision of the cryptocurrency industry . In the view of some people in the industry , Increasingly strict regulation is not a bad thing in the long run , As regulatory rules become clearer , Relevant institutions can also find the development path of compliance , No more 「 Feel the stone to cross the river 」.
Gensler Also expressed a similar view ：「 For those who want to encourage cryptocurrency innovation , I want to point out , Throughout history , Financial innovation will not flourish outside our public policy framework . The core of finance is trust , The core of market trust is investor protection . If this field is to continue , Or develop its potential as a catalyst for change , We'd better integrate it into the public policy framework .」
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