SEC committee encourages 'aggressive enforcement' against crypto firms SecuritiesandExchangeCommission SEC InvestorAdvisoryCommittee
- The recent enforcement actions by the U.S. Securities and Exchange Commission have worried the crypto community, but they are being welcomed by the SEC Investor Advisory Committee , which recently sent a letter to SEC Chair Gary Gensler encouraging him to maintain the pressure on the digital assets industry.
The IAC also highlighted the borderless nature of crypto transactions, which “make them well-suited for various illegal activities such as money laundering and tax evasion.” “We believe that virtually all, if not all, crypto tokens are securities and that they, as well as the platforms and custodians dealing with them, are subject to regulation under the federal securities laws to protect investors,” they wrote. “Accordingly, the offering of crypto asset securities and the platforms trading them should comply with the registration, disclosure, anti-fraud provisions and other investor protector provisions of the federal securities laws.
The IAC also recommended that the SEC should oppose any legislation that seeks to “create special exemptions to the federal securities laws for crypto assets that would undermine investor protection,” and said the agency should “conduct examinations of broker-dealers and investment advisers focused on whether standards of care are being followed when making recommendations and providing investment advice regarding crypto-related assets.
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