U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler says the cryptocurrency needs regulation and will not reach its potential “if it tries to stay outside of our laws.”
Cryptography needs regulation to reach its full potential, Sec chief says
SEC Chairman Gary Gensler spoke on Fox Business Thursday about the regulation of cryptocurrencies. Stressing the SEC’s focus on protecting investors, he said: “We are neutral on technology, bitcoin and other crypto tokens.”But the president noted that the SEC” is not neutral on protecting investors.”
He noted that of all the platforms where securities must be registered with the SEC, most of the so-called decentralized financing (Defi) platforms are “actually very centralized” and must be registered with the SEC.
Gensler said::
This [cryptocurrency] space is not going to get any of its potential opportunities as it tries to stay outside our laws.
He argued that those laws include money laundering laws, tax compliance laws and “what we focus on at the SEC — protecting investors.”
The Sec Chairman called the cryptocurrency and bitcoin “innovative technologies.”He said that “recently Satoshi’s Nakamoto innovation is real “and that” they are the catalyst for change in finance and money, and they can continue.”
But Gensler has repeatedly stated that crypto exchanges need more regulation. He recently told Senator Elizabeth Warren that he thinks more congressional powers are needed to oversee the crypto sector and that “legislative priority should be focused on crypto trading, borrowing and Defi platforms.””
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