U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler answered questions on cryptocurrency regulation at the May 20 congressional hearing, focusing on two sensitive topics:
1. Regulation stance on Trump-related Memecoins
In response to questions from lawmakers about former President Trump's association with Memecoins,
it was clearly stated that the SEC does not currently classify Memecoins as securities.
He emphasized that the SEC will continue to monitor the market behavior of such assets.
2. Progress on investigations related to Sun Yuchen
Responding to specific inquiries raised by lawmaker Ivey:
Sun Yuchen's company purchased $30 million worth of World Liberty Financial tokens,
as he attended the presidential crypto policy dinner as a special guest.
Regulatory stance statement:
The SEC will continue to advance a "risk-based, clearly defined" regulatory framework for crypto assets, balancing investor protection with market innovation needs.
Current focus includes:
Improving trading platform regulation
Enhancing information disclosure requirements
Combating market manipulation