In Q&A following a keynote address at the Financial Markets Conference 2023 on May 15, SEC Chair Gary Gensler responded to several questions about crypto assets.
Gensler emphasized the following points:
· Existing SEC rules apply to crypto assets, and crypto entities need to come into compliance.
· The SEC has brought about 140 cases relating to crypto assets. About 80 were before Gensler took office.
· It’s a “false narrative” that crypto is decentralized. The original concept of Satoshi Nakamoto was for crypto assets to be decentralized, but crypto has become increasingly centralized, as finance has tended to do since antiquity.
· Despite skeptical views on traditional authorities, crypto industry participants very much rely on the law when they end up in bankruptcy court.
· Crypto is interconnected with traditional banks. Of the four banks that recently failed, three had significant involvement with crypto.
Source: (14) SEC Chair Gary Gensler remarks on crypto assets at Financial Markets Conference 2023 | LinkedIn
