Chairman of the US Securities and Exchange Commission: If cryptocurrency tries to stay outside our laws, it will not be able to reach its potential


US Securities and Exchange Commission (SEC) Chairman Gary Gensler (Gary Gensler) stated that cryptocurrency needs regulation and that “if it tries to be free from our laws,” it will not be able to reach its potential.

The chairman of the US Securities and Exchange Commission stated that cryptocurrencies want regulators to understand their full potential

SEC Chairman Gary Gensler talked about cryptocurrency regulation on Fox Business on Thursday. He emphasized that the SEC is focused on protecting capitalism, “We are neutral on technology, Bitcoin and different encrypted tokens.” However, the chairman claimed that the US Securities and Exchange Commission “is not neutral in protecting capitalism.”

He added that any platform offering securities should be registered with the SEC, and pointed out that a large number of so-called decentralized finance (defi) platforms “actually have a lot of centralization” and must be mandatory to register with the SEC.

Gensler said:

“This [cryptocurrency] If it tries not to be bound by our laws, the field will not be able to realize any of its potential. “

He detailed that these laws include money laundering laws, tax compliance laws, and “our expertise in the SEC-capitalist protection.”

The chairman of the SEC referred to cryptocurrencies and Bitcoin as “innovative technologies.” He recently mentioned that Satoshi Nakamoto “Satoshi Nakamoto’s innovation is real”, “it has always been and will remain a catalyst for corrections in the financial and cash fields.”

However, Gensler has repeatedly mentioned that cryptocurrency exchanges require a lot of regulation. He recently told lawmaker Elizabeth Warren that a lot of legislative powers are needed to manage the crypto industry, and pointed out that in his reading, “legislative priorities should be focused on crypto businesses, loans, and Defi platforms.”


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