SEC Chair Gary Gensler: Stablecoins may well be securities

SEC Chair Gary Gensler takes a clarifying question from Senator Pat Toomey on which crypto assets the SEC is calling securities as the agency's definition remains uncertain. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Senate lawmakers are slated to grill Securities and Exchange Commission Chairman Gary Gensler over the agency’s oversight, including regulation over cryptocurrency markets, on Tuesday.

Gensler is expected to be asked about on bitcoin, stablecoins and other digital assets from senators on both sides of the political aisle.

“We just don’t have enough investor protection in crypto finance, issuance, trading, or lending,” Gensler said in prepared remarks. “Frankly, at this time, it’s more like the Wild West or the old world of ‘buyer beware’ that existed before the securities laws were enacted. This asset class is rife with fraud, scams, and abuse in certain applications.”

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