Home » Crypto Market on the Rise Despite SEC’s Jurisdiction War

Crypto Market on the Rise Despite SEC’s Jurisdiction War

by Lisa Zheng

Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), recently gave an interview to New York Mag (NYMAG) in which he stated that he believes all crypto assets and transactions, aside from spot trading for Bitcoin, are subject to U.S. securities laws. Gensler believes that the people behind crypto projects and networks are attempting to entice investors to buy their tokens. Finance lawyers disagree with Gensler’s opinion, arguing that the SEC lacks the authority to regulate any of the crypto assets until it has proven its case in court. SEC Commissioner Hester Pierce has also urged Congress to accelerate the rollout of legislation and official classification of crypto assets. Despite the lack of a regulatory framework, the SEC will continue to take enforcement actions in the crypto industry. Crypto markets have been relatively range-bound for most of the month, but have seen a slight increase this Monday morning in Asia. Total market capitalization is up 2.4% to reach $1.13 trillion, while Bitcoin has gained 2.2% to trade at $23,600 and Ethereum has increased 3.3% to reach $1,644.

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