During a recent interview with Washington Post columnist David Ignatius, U.S. Securities and Exchange Commission Chairman Gary Gensler compared stablecoins to poker chips:
Stablecoins acting are almost like poker chips at a casino right now.
He reiterated that cryptocurrencies pegged to fiat money may have some attributes of investing contracts.
Gensler said that security rules give the agency “great authority” over cryptocurrencies. He also made a case for cooperating with the Commodity Futures Trading Commission but noted that very few cryptocurrencies can be classified as commodities:
Some of these tokens, few of them, have more attributes of commodities.
Advertisement
Alex DovbnyaHe praised crypto (particularly, Bitcoin) for being "a catalyst for change" and challenging central banks and traditional financial institutions.
However, the head of the much-feared securities watchdog also said that crypto is rife with “fraud, abuse and hucksters,” which is why it needs greater protection:
We have to ensure investor and consumer protection; that's what an agency like ours, the SEC does.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov