The US Securities and Exchange Commission (SEC) Chair Gary Gensler took a dig at the unregulated crypto industry. He reiterated his argument about crypto exchange platforms being liable to register with the Wall Street regulator.
Gensler uploaded an exclusive video on Twitter about how cryptocurrency exchanges threaten consumer protection, further asking them to be registered under securities law. He requested that the commission’s representatives work with these platforms to try and regulate them similarly to securities exchanges. Additionally, he mentioned that the SEC is working to have certain coins to be specifically registered as securities.
While emphasizing the legal framework involved in the capital market that safeguards market integrity and provides protection against fraud and manipulation, Gensler said that “there’s no reason to treat the crypto market differently just because a different technology is used.” He also suggested that people would be more confident in a cryptocurrency market if it were developed by a corporation that protected investors and adhered to market norms.
Last month, when the crypto bill was introduced in the US, Gensler raised the issue of it being pro-crypto and unfavorable to the $100 trillion capital market. Gensler also questioned the new bill’s proposal to put the Commodity Futures Trading Commission (CFTC) in charge of overseeing both cryptocurrency spot markets and futures.
Source: https://coinpedia.org/regulations/crypto-exchanges-are-liable-to-register-with-wall-street-regulator/