In the future of major crypto firms Celsius and: Voyager US Securities and Exchange Commission Chairman Gary Gensler spoke to The Wall Street Journal about the asset freeze and bankruptcy filing. op-ed: pages to reiterate that securities laws still apply to new technologies such as digital assets.
But some in the crypto industry expressed disappointment with the piece, calling for stronger guidelines rather than a rehash of familiar arguments.
Gensler compared car manufacturers to crypto-lending platforms as a way to argue that consumers and investors alike deserve protection, whether it’s in a motor vehicle or an investment vehicle. Although cars have evolved over the decades, required safety features remain standard, he noted.
Gensler reiterated his goal to apply existing securities laws meant to protect investors to digital assets.
“I agree with Chairman Gensler’s comments,” LVL Chief Compliance Officer Michael Fasanello told TechCrunch. “The discrepancy, as we saw with the SEC, [Office of Foreign Assets Control]and: [The Financial Crimes Enforcement Network] – meet with aggressive coercion. Just because the mode of finance changes does not mean that regulatory compliance obligations suddenly disappear. Innovation is not an abdication of responsibility.”
But until requirements are set for the crypto industry, platforms are left in the dark to innovate. Gensler’s byline did not provide any new information, Kathryn Dowling, general counsel and chief compliance officer at Bitwise Asset Management, told TechCrunch.