SEC Chairman Gary Gensler Claims That Crypto Exchanges Have to Be Regulated, Asks Congress for Help
During a virtual hearing held by the House Financial Services Committee, Gary Gensler, the newly appointed chairman of the U.S. Securities and Exchange Commission, said that the cryptocurrency market could benefit from greater investor protection when asked about digital asset regulations by Congressman Patrick McHenry:
I think that this market, which is close to $2 trillion dollars, is one that could benefit from greater investor protection.
Gensler specifically spoke about regulating cryptocurrency trading platforms, claiming that Congress should consider implementing more investor protections surrounding them:
Crypto trading platforms currently don’t have regulatory framework..that would provide greater protection…There’s no market regulator around crypto exchanges right now. And there are no protection gains fraud or manipulation.
The SEC boss also claimed that the agency would provide greater clarity surrounding crypto custody.