The US Securities and Exchange Commission’s Chair says operators that implement transactions with crypto assets need to register with regulators similar to other markets. Gary Gensler finds that these operators execute various services supervised by the SEC, like exchange, brokerage, custodian, and other services.
Related: Gary Gensler Says the SEC May Tailor Crypto Industry Disclosures
According to Reuters, talking to a group of lawyers, Gensler said that companies falling into any of these services need to hold communications with the SEC. He also restated his view that the main part of cryptos are securities and are seized by related rules.
At the same time, Gensler added that the Commodity Futures Trading Commission should have the power to regulate cryptocurrencies that aren’t securities.
Gensler says taking into account different functions within crypto firms raises disagreements of interests and risks for investors.
The SEC Chair informed that he asked the employers to cooperate with crypto firms to make sure they announce the whole scope of their functions.
The registration may lead to separate cryptocurrency intermediaries into different legal institutions to prevent conflict of interest.