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U.S. SEC working to register crypto lending firms -Gensler

Skylar Shaw

Jul 22, 2022 15:07

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The director of the federal regulator told CNBC in an interview on Thursday that the U.S. Securities and Exchange Commission is trying to get certain so-called cryptolending businesses legally registered if they function more like investment firms.


The chairman of the Wall Street regulator told CNBC in an interview on Thursday that the U.S. Securities and Exchange Commission (SEC) is attempting to get certain cryptolending businesses legally registered if they function more like investing firms.


Gary Gensler, the chairman of the SEC, also said that while it was up to major financial institutions to determine whether or not to incorporate cryptocurrency options in their client portfolios, the risks associated with crypto tokens needed to be made clear.


Since many of these businesses "may well be investment organizations receiving hundreds of thousands or millions of dollars from clients, putting it all together, and then lending it out while claiming relatively high returns, we have concentrated on this sector, You might argue it sounds a little bit like an investing firm or a bank," Gensler added.


How do they accomplish that? What is the substance of such guarantees? We're going to collaborate with the sector to properly register these companies under the securities rules.


Companies who deal in cryptocurrencies have said that they are still uncertain of how U.S. rules would apply to goods that let users earn interest on holdings rather than exchanging them.


Since May, attention has once again been drawn to the cryptocurrency markets during recent periods of volatility that have long frightened watchdogs.


In recent weeks, a number of cryptocurrency lenders have failed due to falling cryptocurrency values. Insolvency papers have been filed by Celsius Networks. BlockFi and FTX agreed to an agreement, and the cryptocurrency exchange now has the option to purchase BlockFi for up to $240 million.


Companies with cryptocurrency exposure have already issued warnings that drops in token values might have unintended consequences, such as bringing on margin calls.


Investors have deserted the crypto markets as the U.S. Federal Reserve has started raising rates to fight inflation.


The remarks made on Thursday come after many pronouncements by Gensler to the effect that, in his opinion, certain cryptocurrency trading platforms may fit the definition of "securities" and should be traded and governed as such.

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