Compliance Obligations Regardless of Location
Gensler uses a pet-themed analogy to explain that companies must comply with American laws if they make securities available to American investors, regardless of whether they operate onshore or offshore. He stresses that the law is clear on this matter.
Crypto Industry's Ongoing Tussle with the SEC
The video comes amid an ongoing struggle between the crypto industry and the SEC over cryptocurrency regulation. Coinbase, one of the most vocal opponents of the SEC's stance, recently filed a lawsuit against the agency.
Coinbase's Battle with the SEC
Coinbase, the largest U.S. crypto exchange, obtained a license to operate in Bermuda shortly before filing the lawsuit against the SEC. The company requested a new digital asset rule from the SEC last year and is now suing for an answer.
SEC's Aggressive Approach to Crypto Regulation
The SEC has taken a more assertive stance toward crypto recently, targeting companies like Coinbase and Bittrex for alleged noncompliance. Gensler refers to a recent lawsuit against a crypto platform that advised issuers to avoid SEC scrutiny by altering website language.
