SEC chair Gary Gensler said efforts are on to get a majority of the crypto initial coin offerings registered, in coordination with the crypto exchanges. He was speaking at the Congressional budget request questioning for FTC and SEC on Wednesday.
Gensler said a majority of the coin offerings come under the SEC’s securities law. The SEC’s enforcement tools will be deployed to bring the tokens under regulatory framework, he said.
Responding to a question over black minorities having the most to lose from the speculative crypto industry, the SEC chair said public from all communities is not well protected in this.
On a broader regulatory action of the volatility in the crypto market, Gensler said the SEC is overseeing the issuance market that produced around 8,000 crypto tokens.
SEC’s Crypto Jurisdiction
He said there might be a very small number of commodity tokens, including Bitcoin, on which the Commodity Futures Trading Commission (CFTC) will have jurisdiction.
