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).
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.”
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