SEC Chair Gary Gensler maintains that crypto firms remain non-compliant with existing laws, while CFPB Director Rohit Chopra says the existing money transmitter licensing regime for fintechs is inadequate.
The Financial Stability Oversight Council convened today for an open meeting, at which several key regulators cited issues with cryptocurrency firms.
"Bringing intermediaries as well as the issuers of crypto securities tokens into compliance is so important,” Securities and Exchange Commission chairman Gary Gensler said, adding that he believed many crypto firms were not following existing rules. “Nothing about the crypto markets is incompatible with the securities laws yet risk from this speculative, volatile and what I believe is largely non-compliant market – that’s non-compliant with our existing laws – put investors at risk.
“The failure of such a firm could lead to millions of American consumers becoming unsecured creditors of the bankruptcy estate, similar to the experience with FTX," he said, referring to the collapsed crypto exchange."Our state money transmitter laws were not designed to assure the long-term stability of these types of firms.”
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