He suggested that the SEC staff is considering whether it would “be appropriate to segregate out custody functions” from trading services. Last, Chair Gensler’s Prepared Remarks highlighted that crypto trading platforms often custody user assets while also offering trading services. This statement suggests that there may be overlapping jurisdiction where crypto exchanges may be regulated by both the CFTC and SEC. Chair Gensler stated that “the probability is quite remote that any given platform has zero securities.” As such, he explained that he is urging the SEC to take action to get crypto exchanges “registered and regulated much like exchanges.” Industry participants should expect further action from the SEC regarding trading platforms and should consider taking steps now to limit exposure to digital assets that may be securities.įor digital assets that are not securities, Chair Gensler acknowledged that crypto exchanges facilitate trading of commodity tokens and explained that the SEC should work jointly with the Commodity Futures Trading Commission (CFTC) to address regulation of such exchanges.
In the Prepared Remarks, Chair Gensler also suggested that given his position that many tokens are securities, a significant proportion of crypto trading platforms are operating as unregistered securities exchanges by supporting digital assets that are securities. Nonetheless, these recent comments suggest increased scrutiny on tokens, and further comments from the SEC can be expected. The Framework for “Investment Contract” Analysis of Digital Assets published by the SEC staff 2 remains the primary guidance on this point, which raises questions in the context of secondary transactions for many tokens currently supported on crypto exchanges. Despite Chair Gensler’s comments, there is still uncertainty as to how the facts and circumstances of particular tokens should be analyzed. 1 In the Prepared Remarks, Chair Gensler stressed that “our existing laws just go away” and that “most crypto tokens are investment contracts under the Howey test.” To this end, Chair Gensler urged cryptocurrency issuers to register the offers and sales of tokens with the SEC. I don't give a shit who's better or faster or braver.Earlier this week, SEC Chair Gary Gensler gave a speech addressing various aspects of digital assets (Prepared Remarks). I'm not competing with you, Richard, or anyone else. So when I find something that does bother me, I have to test it. And, short of playing tug of war - which I would probably lose - I wasn't getting it away from him.
I touched the flashlight, tried to pull it from his hand, but he held on.
So afraid that my pulse was hammering in my throat, like a trapped thing. So afraid that I could taste something flat and metallic on my tongue. I stared back into the hole and let myself acknowledge just how afraid I was. I know you don't like close places.Īnd I can taste fresh blood on yours, but I have to do it because it scares me.īecause it scares me, and I have to know if I can. He knelt beside me and spoke softly, I can smell your fear.
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