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SEC Chair Gensler Says Crypto Investors Need Greater Protection

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Fri, 05/07/2021 - 12:56
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Yuri Molchan
New SEC chairman Gary Gensler believes that crypto investors much be provided with better protection that they are now
SEC Chair Gensler Says Crypto Investors Need Greater Protection
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According to the Bloomberg Terminal, Gary Gensler has suggested providing greater protection for investors regarding cryptocurrency tokens.

The source has cited CNBC.

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Gensler took over his position at the SEC from Jay Clayton, who initiated the lawsuit against blockchain giant Ripple back in late December of last year.

Contrary to numerous expectations of the XRP community, Gensler is not dropping the suit regarding XRP's alleged status as an "unregistered security." Ripple and the regulatory agency have scored several legal victories one after the other.

Related
Court Prohibits Ripple from Searching SEC Staff's Emails

Gensler's suggestion regarding better protection for crypto investors is likely related to Thursday's testimony in front of the U.S. House Committee on Financial Services, where he planned to discuss the "gamification" of trading, hype and market manipulation on social media and his concerns about the Robinhood platform.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.