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SEC Chairman Gary Gensler will testify before the U.S. banking committee shortly.
Gensler, who appeared before the committee for the first time after Ripple's victory against the SEC, does not give up his thesis that most cryptocurrencies are securities.
According to the 12-page speech that Gensler submitted to the committee, Gensler will say the following:
“Without prejudging any token, the vast majority of crypto tokens meet the requirements of the securities test. Given that most cryptocurrencies are subject to securities laws, cryptocurrency brokers must also comply with securities laws.
Given this industry's lack of compliance with securities laws, it is not surprising that we see many problems in these markets.
We've seen this story before. This reminds us of what we experienced before the securities laws were enacted in 1920.
That's why we filed some lawsuits to protect investors and punish those who did wrong.
“While I am happy to discuss the SEC's work, I will not comment on any active and pending litigation.”
In this part of his statement, the SEC chairman made it clear that he would not comment on the lawsuits he filed against Binance and Coinbase, which are closely followed by the industry.
While there is nothing new in the statements of the SEC chairman, it will be followed whether the discussion will be moved to a different point in terms of Ripple and altcoins, depending on the questions from the committee members.
Gary Gensler's speech is expected to start at 17.00 GMT.