Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said during an ongoing meeting by the U.S. Senate Banking Committee, in response to a question posed by Senator Pat Toomey, stablecoins could be securities.
The head of the SEC stated that there are very few crypto-assets that have commodity status and that many crypto-assets can be classified as securities.
Asked about the lack of regulatory clarity for cryptos, Gensler also said it was up to the US Congress to change the law.
Despite his tough stance within the industry, Gensler also made it clear that he does not have a negative stance on cryptos:
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