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Just-In: Gary Gensler Says a lot of crypto assets qualify as Security

Gary Gensler, the newly appointed chief of the US Security and Exchange Commission recently appeared on CNBC to talk about various aspects of his regulatory policies in the coming time including cryptocurrencies. During the interview, Gensler said that the current crypto market requires a regulatory overhaul especially considering a majority of the cryptocurrencies qualify as a security. Thus, the onus falls on the regulatory body to ensure investor protection.
“To the extent that something is a security, the SEC has a lot of authority. And a lot of crypto tokens — I wont call them cryptocurrencies for this moment — are indeed securities.”
He added,
“We need to update and freshen our rules to ensure that, while retail investors and any individual has first amendment rights to speak and so forth, that they’re not misleading the public, they’re not manipulating the public, manipulating the markets,”
Gensler who is seen as pro-crypto by many suggested that the crypto marke

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