SEC Chair Urges Cryptocurrency Exchanges To Comply With Regulations

According to Odaily, Gary Gensler, the current Chair of the U.S. Securities and Exchange Commission (SEC), reiterated his call for cryptocurrency exchanges to adhere to regulations during the annual securities regulation conference on Thursday. He emphasized the necessity for projects selling securities to provide appropriate disclosures. Gensler highlighted that among the approximately 10,000 digital assets in circulation, most, except for Bitcoin, Ethereum, and stablecoins, could potentially be classified as securities. The potential securities in the crypto market are valued at around $600 billion, representing less than 0.25% of the global capital markets. Gensler's remarks come in the wake of Donald Trump's election as President, who had previously stated his intention to dismiss Gensler upon taking office. Despite this, Gensler may choose to remain as an SEC commissioner after his term as Chair concludes. His comments underscore the ongoing regulatory challenges facing the cryptocurrency industry, as the SEC continues to push for greater transparency and compliance within the rapidly evolving digital asset landscape.