On May 8, according to CNBC, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said in an interview that the SEC regulates a $110 trillion capital market, about half of which is the stock market and half is the bond market and other markets. Cryptocurrency is only a small part of the entire market. But it is a huge part of the scams, frauds and problems in the market because most of this field does not meet the protection of securities laws. The SEC cannot talk to any company, but stepping back, in the field of crypto assets, without prejudging any of them, according to the interpretation of the U.S. Supreme Court, many of these tokens are securities under local laws, so we comply with this law, and investors do not get the necessary disclosures about these assets.
The crypto market does face many challenges, among which fraudulent activities and insufficient information disclosure are the main problems.
First, the U.S. Securities and Exchange Commission (SEC) has tightened its supervision of the cryptocurrency industry, especially against the top players. For example, the SEC has filed 13 charges against Binance and its founder Zhao Changpeng, including the operation of unregistered exchanges, broker-dealers, and clearing agencies. In addition, Coinbase has also been accused of operating its crypto asset trading platform as an unregistered securities exchange, broker-dealer, and clearing agency. These actions indicate that the SEC is strengthening its supervision of the crypto market.
Secondly, the SEC also accused other crypto brokers and exchanges, such as Genesis and Gemini, of allegedly issuing and selling unregistered securities, as well as TRON founder Justin Sun and his related crypto institutions of allegedly illegally selling securities, fraud, and manipulating the market. These consecutive lawsuits and accusations have undoubtedly put pressure on the crypto industry.
Finally, although the SEC's actions are intended to protect investors, some people believe that its actions exceed its legal authority and may run counter to its mission of promoting capital development. For example, Patrick McHenry, chairman of the U.S. House Financial Services Committee, wrote to the SEC to express his concerns about its actions.
In summary, the crypto market does have the problem of fraud-stricken areas, and investors fail to obtain important information disclosure. These problems need to be solved through strengthening supervision, improving information disclosure mechanisms, and self-regulation within the industry. At the same time, regulators also need to find a balance between protecting investors and promoting technological innovation to support the healthy development of the crypto market. #SEC主席 #加密市场 #加密货币执法
