Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The U.S. Securities and Exchange Commission (SEC) is focusing on bringing cryptocurrency exchanges âinside the investor protection remit,â Chairman Gary Gensler has revealed. âIf the trading platforms donât come into the regulated space, itâd be another year of the public being vulnerable,â he stressed.
SEC Focusing on Regulating Crypto Exchanges
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, talked about crypto regulation and the SECâs priorities in a virtual press conference Wednesday.
Gensler said that heâs hopeful cryptocurrency trading platforms will take steps to become more directly regulated in the coming months. The chairman emphasized that additional oversight of crypto trading platforms is crucial for crypto investors to get the same kind of protection they have when trading stocks or other regulated financial instruments.
âIâve asked staff to look at every way to get these platforms inside the investor protection remit,â the SEC boss revealed, elaborating:
If the trading platforms donât come into the regulated space, itâd be another year of the public being vulnerable.
Gensler has repeatedly expressed the need to regulate cryptocurrency trading platforms. He believes that many of them are trading securities without registering. In May last year, he said crypto exchanges need more regulation and asked Congress to weigh in.
âWe donât have enough investor protection in crypto finance, issuance, trading, or lending,â he warned in September. âAt this time, it is more like the Wild West or the old world of âbuyer bewareâ that existed before the securities laws were enacted.â
In December, the chairman said that the crypto asset class is ârife with fraud, scams, and abuse in certain applications,â emphasizing, âRight now, we just donât have enough investor protection in crypto.â
What do you think about the SEC going after cryptocurrency exchanges? Let us know in the comments section below.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.