SEC Anncounce New Crypto Enforcement Powers
December 3, 2024

SEC Anncounce New Crypto Enforcement Powers



In Breaking News this morning. The SEC Announce New Crypto Enforcement Powers, Gary Gensler, chair of the SEC, stated that efforts are underway to register a majority crypto initial coin offerings ICO’s in coordination with crypto exchanges. Speaking on Wednesday, at the Congressional budget questioning for the FTC SEC.

Gensler stated that the majority of ICO’s are covered by the Securities Exchange Commission’s securities law, and that the SEC will use its enforcement tools to bring the tokens within regulatory framework.

He said that there may be a small number of commodity tokens (including Bitcoin) on which the Commodity Futures Trading Commission will have jurisdiction.

Noting that the crypto market has grown in volatility and speculation, drawing tens to millions of American traders and investors.

“In 2016, an estimated 644 cryptocurrency tokens were on the global market. This number has risen more than tenfold in five years. Recent volatility in crypto markets highlights the risks for investors.”

Gensler also said that additional resources would strengthen the SEC’s litigation support and increase the capabilities of the Crypto Assets and Cyber Unit. And it will also help to investigate the thousands of complaints, tips, and referrals from the public.

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