Speaking at the Financial Markets Conference, the United States Securities and Exchange Commission (SEC) chair Gary Gensler hits back at Coinbase’s petition which compels the agency to provide a clear stance on crypto regulation, arguing that adequate laws are already set in place.

When Gensler was asked about the Coinbase-related dispute, the rules surrounding crypto and why “the SEC doesn’t publish rules for that market”, this is what Gensler had to say in his response:

“To make it quite direct: this is a field that has been operating largely non-compliant. [...] There’s nothing about a new technology that makes it non-consistent with the public policies that congress has laid out.” Gensler argues that the SEC has already put out clear rules with regards to what is required to custody assets, which apply to crypto exchanges, broker dealers and advisors.

Coinbase has repeatedly spoken out against what it presumes to be a lack of transparent cryptocurrency regulation and the SEC’s “regulation by enforcement” approach to crypto, with the exchange also accusing the agency of dealing with digital asset firms with hostility.

Sources:

https://cointelegraph.com/news/gary-gensler-pushes-back-at-coinbase

https://www.bitdegree.org/crypto/news/sec-chair-gary-gensler-argues-that-proper-crypto-regulations-already-exist

https://cryptonews.com/news/sec-chair-gensler-argues-that-rules-already-exist-regulate-crypto-light-of-coinbase-pushback.htm

https://www.cryptowisser.com/news/crypto-rules-already-exist-says-gary-gensler/

https://www.youtube.com/watch?v=k-ueNvNwcnI