SEC chairman Gary Gensler says that Krypto will not end well if it remains outside of the regulations-regulation
SEC chairman Gary Gensler says that Krypto will not end well if it remains outside of the regulations-regulation
The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, says that the cryptocurrency will "not end well if it stays outside the regulatory space". The SEC was criticized for pursuing a assertive approach when regulating the crypto industry.
The SEC chairman says that crypto will not end well if he remains outside of the regulations
The Seclei Chairman Gary Gensler spoke on Monday during an interview with the former Federal Prosecutor Preet Bharara at the Code Conference in Beverly Hills, California, about the regulation of cryptocurrencies.
He explained that the crypto sector in the United States has many “trading places and credit places” with “not only dozens, but hundreds and sometimes thousands of tokens”. The SEC chairman found that "people are violated" if cryptocurrency markets are allowed to be operated outside the area of responsibility of the supervisory authorities, warned the second chairman:
This will not end well if it stays outside the regulatory space.
"to believe that a field that has grown ten times in the past 18 months - not only in terms of the asset, but also on the underlying lending and much more - will remain outside of these political framework and will continue," he continued. "We will have a problem in the end and many people are injured."
in August Gensler said that the cryptocurrency field hold. Last week the former US Finance Minister Larry Summers also said Cryptocurrencies are better regulated instead of being treated like a libertarian paradise.
The SEC chairman said last week at a hearing from the Senate banking committee that a number of cryptocurrency platforms, including the coin base listed on the Nasdaq, have listed many tokens, and insisted that some of them must be securation . He added that the sec needs more Workers and funds to better regulate the crypto sector.
He said: "At the moment we just don't have enough investor protection in the areas of crypto financing, emission, trade or loan allocation", and claimed that the crypto industry "was more careful like the wild west or the old world of 'buyers', which existed". before the securities laws were issued. ”
However, some people criticize that the SEC is pursuing a enforcement-oriented approach in cryptor regulation, including SEC-Commissioner Hester Peirce . Last week, Senator Pat TOOMEY A letter to Gensler, who is clear about crypto regulation asks.
What do you think of the comments of the second chairman Gary Gensler to crypto? Let us know in the comment area below.
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