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November 29, 2022
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Gary Gensler: SEC needs to regulate the cryptocurrency market –

The newly appointed chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, was just talking about regulating the nascent cryptocurrency sector. In an interview with Squawk Box CNBC said what the role of the SEC will be in this process.

Gensler: The SEC needs to take a look at cryptocurrencies

Gensler revealed that he considers many of the cryptocurrency assets on the market right now to be securities and added that the SEC should be addressing them.

– I think, insofar as something is a security, the SEC has a lot of authority and many tokens are actually securities – He said. He probably meant, for example, XRP, the Ripple network token.

Gensler believes the categorization of many cryptocurrency assets needs to be sorted out. In addition, he assured that investors who trade Bitcoin also need to be better protected.

They are certain [aktywa], such as Bitcoin (…) – currently around half of this asset class [tj. kryptowalut] (…). It is a digital store of value, but it is very volatile and there are investors who want to trade it – added. – I think we need more investor protection there – he noticed.

He also said the problem is that “We don’t have a federal regime to oversee cryptocurrency exchanges.”

– If [inwestorzy] want to trade in this market, [musimy] provide some protection and I think this is exactly what is a vulnerability in our system at the moment – He said.

SEC and Congress will regulate the BTC market?

Gensler believes that through the joint efforts of the SEC and Congress, the government may find a way to protect those who trade blockchain assets.

– Regardless of whether they are stock exchanges or futures exchanges, there are systems that were introduced in the 1930s to protect against fraud and manipulation of stock exchanges and to protect their integrity. I think we’ll work with Congress if [kongresmeni] they deem it appropriate to try to protect people who wish to invest in this speculative asset class – He said.

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