SEC Chairman Gensler responded to a series of questions from US Senator Toomey regarding the classification of crypto assets.
US Senator Toomey asked Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), a series of questions regarding the classification of crypto assets. Gensler continued his cautious approach to the classification of crypto assets as securities.
Gensler continued to adhere to the broad interpretation of existing laws and the Howey and Reeves tests he has published since taking office in the responses published Dec. He also argued that because these laws and lawsuits set wide parameters, the SEC is not required to determine which crypto assets are and are not securities.
Toomey from Gensler “identifies certain characteristics that distinguish a cryptocurrency, which is a security, from a cryptocurrency that is considered a commodity” requested. Gensler said:
Regarding Gensler’s answers, Toomey used the following statements:
Gensler also acknowledged Congress’ need for more regulatory framework regarding cryptoassets.