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According to Gensler, intermediaries must comply with securities requirements. Therefore, they are required to register with the agency. Despite the fact that most platforms do not recognize cryptocurrencies as investment contracts, regulations clearly state that this is the case.
The Chairman of the department drew attention to the fact that everything is clear in the law. He points to the Howie test, which is used in similar situations.
An investment contract recognizes cases when money is invested in a common enterprise and at the same time it is expected to make a profit that can be achieved through the efforts of other participants. He also notes that cryptocurrency markets do not comply with regulatory requirements.
At the same time, he points out that the problem is not in the clarity of regulation. After all, the law clearly states that if you work with securities, you must be registered with the department.
However, users continue to criticize the ESC chapter. After all, before joining, his opinion about cryptocurrencies was exactly the opposite.
