SEC Chairman Gary Gensler says more rules are on the way.
Coinbase and other industry players insist that cryptocurrencies are not securities.
The United States Securities and Exchange Commission (SEC) today approved a new rule to “prevent fraud, manipulation and deception” in any transaction related to the exchange of securities.
This was reported by the agency in a statement, in which it also specifies that it is adopting a rule, under the Securities Exchange Law. According to this new regulation “it will be illegal for any officer, director or employee of a swap broker take actions to coerce, manipulate, deceive or fraudulently influence” about your assigned compliance officer.
“Commissioners voted 3-2 on two new rules under the Exchange Act at the SEC’s open meeting on June 7,” reports an American medium.
It is worth remembering that in the past, the United States Congress granted the SEC authority over securities-based exchanges.
In fact, this was highlighted by the president of this regulatory body, Gary Gensler, when he said that “more regulations are on the way to protect investors and guarantee the integrity of the markets”, according to the report of the aforementioned medium.
The rules will take effect 60 days after they appear in the US Federal Register.
Are cryptocurrencies securities?
This all comes in the same week that the SEC sued cryptocurrency exchanges Coinbase and Binance.
The agency accused these companies of violating the law by not registering as a stock exchange, broker and clearing agency, as previously reported by CriptoNoticias.
It is also noteworthy that theThe SEC is governed by the Securities Act, which was initially drafted in 1933.that is to say 90 years ago, while Bitcoin, the first of the cryptocurrencies, appeared in the world 13 years ago, something that the Coinbase team points out.
The SEC said that Binance allowed users to trade at least 12 crypto assets which should have been recorded as securities, including tokens such as Solana, Cardano, and Polygon.
The regulator is seeking financial sanctions and wants a judge to order Binance to follow securities law and freeze its funds.
Meanwhile, Coinbase and other industry players have insisted that most of cryptocurrencies do not fit the definition of values under United States law.