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Securities and Exchange Commission Chairman Gary Gensler in a speech<\/a> on Thursday said the same things he’s always said<\/a>, that most crypto are securities (so they should register) and should follow existing securities law (so they should really register).<\/p>\n Driving the news: <\/strong>While the industry has long called for more guidance on how to comply with the existing regulatory structure, Gensler said more guidance isn’t coming. Enough has already been provided, he said, pointing to previous reports and punitive actions.<\/p>\n Quick take:<\/strong> The SEC wants to subject crypto to financial regulations created a very long time ago \u2014 for a vastly different set of “securities” \u2014 without outlining how they would apply to crypto projects.<\/p>\n The existing actions<\/strong> Gensler pointed at to serve as guidance include:<\/p>\n Meanwhile, <\/strong>Gensler called for cooperation.<\/p>\n Of note:<\/strong> He nodded to a saying of predecessor Joseph Kennedy<\/a>, the very first SEC chair who in the face of broad balking at newly instituted securities regulation in 1934<\/a>, got major corporations to register and exchanges to comply:<\/p>\n Reality check:<\/strong> Much of the crypto industry is already wary of voluntary cooperation, as the SEC has continued to regulate via enforcement.<\/p>\n <\/p>\n What’s next:<\/strong> Gensler appeared to largely target his speech to crypto intermediaries.<\/em><\/p>\n Crystal’s thought bubble:<\/strong> If Gensler were to truly follow Kennedy’s model with regard to fashioning new regulation, he would take a light-touch enforcement approach to new registrants, and tweak disclosure requirements to make them less onerous to crypto companies.<\/p>\n\n
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