SEC Chairman Gary Gensler stresses that cryptocurrency platforms must be regulated to ensure investor protection – Bitcoin Regulations News

SEC Chairman Gary Gensler stresses that cryptocurrency platforms must be regulated to ensure investor protection – Bitcoin Regulations News

The U.S. Securities and Exchange Commission (SEC) is focusing on bringing cryptocurrency exchanges “within the framework of investor protection,” Chairman Gary Gensler revealed. “If trading platforms do not enter the regulated space, it would be another year if the public is vulnerable,” he stressed.

The SEC focuses on regulating cryptocurrencies

The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, spoke about crypto regulation and SEC priorities at a virtual press conference on Wednesday.

Gensler said he hopes cryptocurrency trading platforms will take steps to become more directly regulated in the coming months. The chairman stressed that additional oversight of crypto trading platforms is crucial for crypto investors to get the same kind of protection they have when trading stocks or other regulated financial instruments.

“I asked the staff to consider all ways to make these platforms the responsibility of investor protection,” the SEC chief revealed, elaborating:

If trading platforms do not enter the regulated space, it would be another year of public vulnerability.

Gensler has repeatedly expressed the need to regulate cryptocurrency trading platforms. He believes that many of them trade in securities without registration. In May last year, he he said crypto exchanges need more regulation and have asked Congress to rule.

“We do not have sufficient investor protection in cryptofinancing, issuing, trading or lending,” he said. warned in September. “At the moment, it’s more like the Wild West or the old world ‘buyer is being guarded’ that existed before the securities laws were passed.”

In December, the chairman he said that the crypto asset class is “full of fraud, fraud and abuse in certain applications”, emphasizing: “Currently we simply do not have sufficient protection for crypto investors.”

What do you think about the SEC doing cryptocurrency exchanges? Let us know in the comments section below.

SEC Chairman Gary Gensler stresses that cryptocurrency platforms must be regulated to ensure investor protection – Bitcoin Regulations News

Kevin Helms

A student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open-source systems, network effects and the crossroads between economics and cryptography.




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