SEC's Gensler sees almost zero chance crypto platforms don't trade any securities

Cryptocurrency platforms are likely trading securities, and the "probability is quite remote that any given platform has zero securities," U.S. Securities and Exchange Commission Chair Gary Gensler said in a speech at the Penn Law Capital Markets Association Annual Conference. That's significant because securities that are traded need to be registered with the SEC. "Any token that is a security must play by the same market integrity rulebook as other securities under our laws," Gensler said. Throughout the speech, Gensler said he has asked the SEC staff to look into several matters, including: Whether and how protections covering investors should be expanded to crypto platforms; How best to register and regulate platforms where the trading of securities and non-securities is intertwined; Whether it would be appropriate to segregate out custody from trading; and Whether it would be appropriate to segregate out market-making functions. Gensler reiterated his predecessor, Jay Clayton, in saying most