#Which trending AI tokens are on your watchlist? SEC Gensler discusses regulation of cryptocurrency industry

According to Blockworks, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), described the agency's role in the cryptocurrency industry as "a cadet-cop." The statement came during an interview with CNBC, after Robinhood revealed that it had received Wells notice from the U.S. Securities Regulatory Commission. Gensler stressed the SEC's accountability in ensuring that entities dealing with securities comply with the law, and provide the necessary disclosures and protections to investors.
Gensler argued that the cryptocurrency industry consists of different cryptoassets that are considered securities "under the law of the land," as interpreted by the Supreme Court. He expressed concern that investors may not receive all the necessary information in the cryptocurrency sector. He compared cryptocurrency tokens to publicly traded stocks, doubting that there were no similar disclosures of these tokens.
Gensler also expressed his belief that investors are not getting the information required in the cryptocurrency industry. If a cryptographic asset is classified as collateral, it is stated that it is necessary and required to provide this information. However, he did not directly address the allegations made by Consensys against the SEC in a lawsuit filed last month, nor did he comment on the alleged investigation into Ether, Ethereum's native token.
Gensler criticized brokers in the cryptocurrency market, noting that they are generally conflicting and engage in practices that are not allowed on the New York Stock Exchange. He referred to the lawsuit filed by Consensys, which claimed that the SEC had issued subpoenas for ETH. The lawsuit confirmed reports that the SEC was investigating the ETH situation, despite former SEC employees agreeing that ETH was not a security. The Commodity and Futures Trading Commission has classified ETH as a commodity.
Finally, Gensler stated that Ethereum ETFs are currently under consideration by the five-member committee. He stressed that the committee would review the files in due course.
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