SEC's Gensler Warns Crypto to Follow Traditional Finance Rules
SEC's Gary Gensler says crypto firms should follow regular financial rules. He'll discuss this with the House Committee, delays Ark Invest Bitcoin ETF decision.
Gary Gensler, the leader of the Securities and Exchange Commission (SEC), Still believes that cryptocurrency companies should follow the same rules as traditional financial businesses.
This week, Gensler will speak to the House Financial Services Committee. He's concerned that many in the crypto world aren't following important financial rules. "Many issues have arisen because crypto businesses often don’t obey these rules," Gensler mentioned.
Gensler also spoke about recent SEC decisions, highlighting that they see certain crypto platforms, even ones called "DeFi", as exchanges. This means they need to follow specific guidelines.
Earlier, on September 12, Gensler confirmed the SEC is still thinking over Grayscale Investments' application to introduce a Bitcoin fund.
Lastly, a decision about a Bitcoin ETF by Ark Invest and 21Shares has been pushed to January 10, 2024. The SEC is taking its time, But the review period being 180 days, the deadline for their decision is on November 11.
