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Chairman Gary Gensler revealed that the U.S. Securities and Exchange Commission (SEC) is working to bring cryptocurrency exchanges under “investor protections.” “It will be another year of vulnerability for the public if trading platforms don’t move into regulated territory,” he stressed.
SEC focuses on regulating cryptocurrency exchanges
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler spoke about crypto regulation and the SEC’s priorities during a virtual press conference on Wednesday.
Gensler said he expects cryptocurrency exchanges to take steps for more direct regulation in the coming months. The chairman emphasized that additional oversight of crypto trading platforms is essential for crypto investors to receive the same protections when trading stocks or other regulated financial instruments.
“I have asked my staff to consider ways to bring these platforms into the scope of investor protection,” the SEC boss revealed, elaborating:
It will be another year of vulnerability for the public if trading platforms do not enter regulated territory.
Gensler has repeatedly expressed the need to regulate cryptocurrency trading platforms. He believes that many of them trade securities without registering.Last May, he Say Cryptocurrency exchanges need more regulation and require Congress to get involved.
“We don’t have adequate investor protection in crypto finance, issuance, trading or lending,” he said warn in September. “At this point, it’s more of the Wild West or the old world of ‘buyer beware’ that existed before securities laws were enacted.”
December, Chairman Say The crypto asset class is “riddled with fraud, scams, and abuse in certain applications,” stressing that “currently, we don’t have adequate investor protections in crypto.”
What do you think of the SEC’s pursuit of cryptocurrency transactions? Let us know in the comments section below.
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