New SEC Chairman Suggests Congress Regulate Crypto Exchanges

New SEC Chairman Suggests Congress Regulate Crypto Exchanges
  • The new head of the US SEC mentioned the need for investor protections for cryptocurrencies.
  • Bitcoin and other cryptocurrencies have boomed since last year.

Gary, the new chief of US Security and Exchange Commision recommends more investor protections needed for crypto assets.

In addition, he specifically sees the attraction to bitcoin for investors but needs more control to prevent fraud and other related issues.

Gensler says,

“To the extent that something is a security, the SEC has a lot of authority. And a lot of crypto tokens — I wont call them cryptocurrencies for this moment — are indeed securities.”

He also added relatively to influence of social media as,

“We need to update and freshen our rules to ensure that, while retail investors and any individual has first amendment rights to speak and so forth, that they’re not misleading the public, they’re not manipulating the public, manipulating the markets.”

Moreover, Gensler  is seen as supportive for crypto by many suggesting that the crypto market notwithstanding the hype needs to stick with regulatory policies.

Bitcoin and other cryptocurrencies have surged since last year. More so, Gensler added that he considers bitcoin as “Speculative” store of value.

SEC Should Be “Technology Neutral”

Gensler adds that the SEC should be “Technology neutral” when it happens to innovations in the market.

Previously, he taught classes at Massachusetts Institute of technology about blockchain and financial technology, suggesting for new regulations to give for being an expert for regulators to direct crypto exchanges, similar to equity and future markets.

The new comments from the chief of SEC look mindful for crypto exchanges and assets as a result might be regulated heavily in the upcoming days.

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