Gary Gensler, the Chairman of the Securities and Exchange Commission, has downplayed the agency’s role in terms of the policies related to the crypto space.
This was through an interview with CNBC, following Robinhood’s divulgation of the fact that it had come in for a Wells Notice sent by the US securities regulator.
As per Gensler, their task is ensuring that persons engaged in buying and selling securities are doing so as per the established regulations and, in the bargain, will be provided specific safeguards. This was in response to the notice served to Robinhood.
He added that the crypto arena consists of various digital assets that make up for securities, as per the opinion of the Supreme Court. He feels more is to be done to create further awareness regarding crypto among the general public. In his opinion, there are questions mushrooming with each day regarding various facets related to crypto from the masses. If all of this revolves around crypto security, it is definitely the need of the hour to try and clear all doubts.
Regarding controversial issues like Consensys accusing the SEC, he preferred to go into silent mode. As per the lawsuit filed by Consensys, it alleged that the agency had sent subpoenas regarding ETH. It mentioned that the SEC was closely studying the position of ETH.
The previous employees who were with the agency had accepted the fact that ETH did not come under the category of securities. The Commodities and Futures Trading Commission thinks ETH belongs to the commodity category.
Gensler clarified that the ether ETFs are in the hands of a five-member commission, and the filings will take place when it is time to do so.