Cryptocurrency trading platforms must be regulated to protect investors

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler spoke about cryptocurrency regulation and the SEC’s priorities during a virtual press conference Wednesday (January 19).

SEC Chairman Gary Gensler stresses that crypto trading platforms must be regulated to protect investors

Gary Gensler – Chairman of the SEC

Gensler expects crypto trading platforms to take steps to become more directly regulated in the coming months. He stressed that additional oversight of crypto trading platforms is crucial for crypto investors to have the same protections as trading stocks or regulated financial instruments. is different.

“I asked staff to consider ways to bring these platforms into the governance structure. Whenever crypto trading platforms are unregulated, investors take on additional risk.”

Gensler has repeatedly expressed the need to control cryptocurrency trading platforms. He believes many of them are trading stocks without registration. In May of last year, he said crypto exchanges needed more regulation and asked Congress to consider it.

“We do not have enough investor protection in the financial sector, issuing, trading or lending cryptocurrencies. Honestly, at this point, it’s like the Wild West or the old world that existed before the securities laws were enacted. This type is fraught with fraud, scams, and abuse in certain apps,” Gensler warned in September.

In December, Gensler emphasized that the crypto-asset class “is rife with fraud, fraud, and abuse in a number of applications. Currently, investors do not have enough protection in the crypto space.”

Join Bitcoin Magazine Telegram to follow news and comment on this article:

Mr. Teacher

Theo News.Bitcoin

Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page

Categorized as news

By Nguyen Manh Cuong

Nguyen Manh Cuong is the author and founder of the nguyendiep blog. With over 14 years of experience in Online Marketing, he now runs a number of successful websites, and occasionally shares his experience & knowledge on this blog.

Leave a comment

Your email address will not be published. Required fields are marked *