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SEC Chairman Outlines Regulation of Crypto Assets Relating to Security-Based Swaps – Regulation Bitcoin News

SEC Chairman Outlines Regulation of Crypto Assets Relating to Security-Based Swaps – Regulation Bitcoin News



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  1. “There are initiatives by a number of platforms to offer crypto tokens or other products that are priced off of the value of securities and operate like derivatives.” The SEC chairman emphasized:

    ^^^^

    This is clearly addressing the recent announcement of GME offering ERC tokens as dividends to shareholders.

    Make no mistake: It doesn’t matter whether it’s a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These platforms — whether in the decentralized or centralized finance space — are implicated by the securities laws and must work within our securities regime.

    He continued: “If these products are security-based swaps, the other rules I’ve mentioned earlier, such as the trade reporting rules, will apply to them. Then, any offer or sale to retail participants must be registered under the Securities Act of 1933 and effected on a national securities exchange.”

    Gensler further noted:We’ve brought some cases involving retail offerings of security-based swaps; unfortunately, there may be more. We will continue to use all of the tools in our enforcement toolkit to ensure that investors are protected in cases like these.

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