Gary Gensler thinks the cryptocurrency market is centralized
As the head of the SEC noted, despite popular opinion, the cryptocurrency market cannot be considered decentralized. According to Gary Gansler, we need to be vigilant about those areas whose centralization and potential economic rents are already showing growth or may do so in the future.
Gensler also does not deny that many cryptocurrency exchanges may be violating the Securities Law by adding unregistered investment contracts to their listings.
In addition, the SEC chief appealed to bitcoin exchanges to collaborate with the institution on the issue of recognition of a particular asset as an investment contract. According to Gensler, the SEC is open to work individually on the potential of excluding a particular token.
The head of the SEC has suggested to Congress that it should refrain from drafting laws that “undermine the competitiveness of the stock or fixed-income markets.
Gary Gensler firmly believes that market participants need to be treated equally. Therefore, emphasis should be given to “competition on price, service and other key factors” rather than market manipulation.
Recall that the head of the SEC previously reported on the development of ways to register digital assets as investment contracts and to intensify efforts to authorize cryptocurrency platforms. Also in May of this year, he warned that unregistered bitcoin exchanges could face prosecution.