We don't have enough investor protection for crypto financing, emission, trade or credit -regulation
We don't have enough investor protection for crypto financing, emission, trade or credit -regulation
The chairman of the US Securities and Exchange Commission (Sec), Gary Gensler, explained that there was no sufficient investor protection in cryptocurrencies. He added that the securities supervisory authority needs more funds and workers to effectively regulate the crypto sector.
SEC chairman Gensler says that more funds are required to regulate the crypto room
Sec chairman Gary Gensler explained the approach of his agency to regulate cryptocurrencies on Tuesday before the Senate banking committee. He assured senators that the Sec does overtime to create a regulatory framework for crypto-assets.
In view of the outrageous of the task, he said Senator Catherine Cortez Masto that the SEC could use "much more people" to evaluate the 6,000 digital "projects" and determine whether there are securities under the US Secondary Act. He said:
At the moment we just don't have enough investor protection in the areas of crypto financing, emission, trade or credit award. To be honest, at this time it is more like the wild West or the old world of the "buyers" that existed before the securities laws were issued.
Senator Pat Toomey, the highest member of the committee, urged Gensler to see whether stable coins meet the definition of securities. He emphasized:
I think we need clarity in this regard. I think you should disclose this publicly ... and we should certainly not take enforcement measures against someone without having created this clarity beforehand.
Gensler insisted that the rules for cryptocurrencies are clear. "We have a number of investor protection laws in this country ... which were determined in the 1930s when the congress wanted to protect the public from fraud and other bad actors ... I think the laws" [on cryptocurrencies] are clear, "he told CNBC on Wednesday." fall. "
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