SEC head compares stablecoins to securities

by in Cryptocurrency News

SEC

The US authorities have decided to expedite the legalization of secured digital currencies. The Ministry of Finance has created an expert group that will develop a regulatory framework for stablecoins.

The head of the SEC, Gary Gensler, did not stand aside and commented on the position of American regulators. In his opinion, some stablecoins may be subject to securities laws.

The SEC chairman expressed his point of view last Tuesday at a meeting of the American Bar Association.

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Gensler stressed that it does not matter in what format a particular instrument is presented. It can be either decentralized or centralized. However, all these assets must be regulated within the US legal framework, in particular, securities laws.

The SEC chairman did not name the tokens that he would classify as securities. However, he pointed out the need to solve the problem of ensuring the safety of investors who have invested in stablecoins.

Note that similar issues were previously raised in Congress. One of the legislators, Warren Davidson, stated that if a stablecoin is backed by securities, then all transactions with it should be controlled by the SEC.