Tue. Sep 28th, 2021

Aug 7th 2021WHEN GARY GENSLER took over as the head of Americas Securities and Exchange Commission (SEC) in April, he may have seemed quite crypto-friendly. Mr Gensler thinks that, among the 1,600 tokens with at least $1m in market capitalisation, a fair few probably count as securities– and do not follow the guidelines. Mr Gensler asked Congress for more staff to police them.The second container covers work in progress: locations where Mr Genslers group is thinking about how to deal with new products being brought to market. Mr Gensler hinted that, in order to be approved, these may have to comply with the stricter laws governing mutual funds. Mr Gensler is chiefly concerned with platforms engaged in crypto trading or financing as well as in decentralised financing (DeFi), where wise agreements duplicate financial transactions without a trusted intermediary.

Mr Gensler thinks that, among the 1,600 tokens with at least $1m in market capitalisation, a fair couple of most likely count as securities– and do not follow the guidelines. Mr Gensler asked Congress for more personnel to cops them.The second pail covers work in progress: areas where Mr Genslers team is considering how to deal with new products being brought to market. Mr Gensler is chiefly worried with platforms engaged in crypto trading or financing as well as in decentralised financing (DeFi), where clever contracts replicate financial deals without a trusted intermediary.

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Wizadclick | WAC MAG 2021