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SEC Chair Gary Gensler Says There Should Be Federal Regulatory Regime Around Crypto Exchanges

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Wed, 06/09/2021 - 17:42
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Alex Dovbnya
Gary Gensler claims crypto exchanges have to be registered and regulated
SEC Chair Gary Gensler Says There Should Be Federal Regulatory Regime Around Crypto Exchanges
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The head of the U.S. Securities and Exchange Commission (SEC) is doubling down on his call to regulate cryptocurrency exchanges.

During the Global Exchanges & FinTech virtual conference held by Piper Sandler, Gary Gensler called for establishing a federal regulatory regime for them to ensure investor protection:

Crypto assets are largely traded on exchanges, and the public should have investor protection regimes around them. We need a federal regime where they are registered and regulated.

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Back in May, the SEC urged Congress to bring regulatory clarity to cryptocurrency trading platforms while raising concerns over fraud and market manipulation.

In addition, Gensler is considering revamping rules that govern stock trading.

During his latest CNBC interview, he said that crypto assets should have the same protections as equities and commodities: 

Here’s what I’m pretty confident about. Investors don’t have full protections that they have in the equities markets or in the commodity futures markets…Bitcoin and these other cryptocurrencies don’t have these full protections. It’s a speculative asset class.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.