US Securities and Exchange Commission (SEC) Chairman Gary Gensler said investors are not receiving important information about cryptocurrencies after the agency issued notices to multiple crypto entities for which they intend to take enforcement action.
Gary Gensler – Chairman of the US SEC
Gensler was asked Tuesday morning on CNBC Squawk Box about the agency's recent move to send a Wells Notice to Robinhood Crypto, the cryptocurrency unit of brokerage firm Robinhood Markets. The exchange said Monday that the SEC staff has decided to recommend enforcement action against the cryptocurrency entity, alleging securities violations.
Gensler said he could not speak to any of the companies.
“Without passing judgment on any of these Token , many of which are securities under the laws of the place, as interpreted by the United States Supreme Court. “So we are subject to that law and investors are not getting the information they need about those assets.”
The Wells Notice for Robinhood is one of a handful of notices filed against crypto entities in the past month. ConsenSys , the company behind MetaMask Wallet and decentralized exchange Uniswap , said it also received a Wells Notice from the SEC last month. The SEC is also fighting in court with exchanges Binance and Coinbase.
Gensler did not directly clarify how ETH would be classified when CNBC asked whether it was a security or a commodity?
“For me, all I want to talk about is the basic question: how do we make sure U.S. investors are protected? Right now, they're not getting the information they need, and the middlemen at the center of this fairly concentrated market are often at odds and doing things that we would never allow the New York Stock Exchange to do." .
The SEC has not explicitly said whether ETH is a security, while Commodity Futures Trading Commission Chairman Rostin Behnam has confirmed it is a commodity. Many issuers are also vying for approval for spot Ethereum ETFs, although these have been delayed over the past few weeks and optimism has waned that the funds could be approved before the month-end deadline. 5.
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