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SEC Chairman Gensler said that cryptocurrency exchanges need more regulations and ask Congress to weigh in – Regulations Bitcoin News

The new chairman of the US Securities and Exchange Commission (SEC) Gary Gensler (Gary Gensler) is pushing for more supervision of cryptocurrency exchanges out of the need for investor protection in this area. He has asked Congress to consider it.

SEC chairman urges more encryption regulations

SEC Chairman Gary Gensler (Gary Gensler) talked about cryptocurrency regulation at the Financial Industry Regulatory Authority (FINRA) meeting on Thursday. FINRA is a government-authorized non-profit organization responsible for overseeing US broker-dealers.

“At the SEC, we focus on dealing with misconduct found in the financial system,” Gensler began. “This means that in the approximately US$100 trillion capital market that we supervise, let individuals and companies take responsibility without worry or favor.”

On the topic of cryptocurrency regulation, the new chairman of the US Securities and Exchange Commission emphasized the need to protect investors more. He emphasized that he would like to see more regulations on cryptocurrency exchanges, including exchanges that only trade Bitcoin and currently do not need to be registered with the US Securities and Exchange Commission.

This is a very volatile asset class, and one might say that it is highly volatile, and the investing public will benefit from more investor protection on cryptocurrency exchanges.

Gensler explained that in crypto exchanges, “there is no authority to register and write rules to protect the investing public” and reiterated that “in this area, the investing public will benefit from more supervision”.

The SEC chairman also revealed that he has asked Congress to consider the issue.

He also clarified that encrypted tokens issued in the same way as traditional investment tokens fall under the jurisdiction of the SEC, noting that the agency has taken about six dozen enforcement actions against those who provide unregistered securities. He said: “There are hundreds of tokens out there, so we will continue to check and execute to do our best in this space.” According to independent research, the SEC has so far imposed 75 enforcements on the crypto industry. Measures.

In addition, Gensler emphasized that the SEC needs to update its rules on cryptocurrency marketing and how it is used, including providing game-like functions on mobile apps through retail brokers, robo-advisors, and wealth management companies.

Gensler confirms: “We need to do everything we can to ensure that bad actors do not deal with working-class savings and enforce these rules proactively and consistently.” “Personal accountability is an important part of any enforcement agenda. I believe that we The bar and similar remedies should continue to be sought to protect the public as appropriate.” The SEC chairman believes:

Technology has been evolving, and our market has also been evolving. As we continue to keep pace with these developments, the SEC and FINRA should be prepared to present cases involving issues such as encryption, networking and financial technology.

Do you think cryptocurrency exchanges need more supervision? Let us know in the comments section below.

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