SEC Chairman: What to Expect From The SEC on US Crypto Regulation
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"We also have significant congressional authorities to use our exempt authorities to personalize investor protection."
Chairman of SEC Highlights Work on Crypto Regulation
In an interview with Yahoo Finance Live on Thursday, SEC Chairman Gary Gensler explained what may be anticipated from his organization regarding American cryptocurrency legislation.
The public would gain currently from investor protection around these many service providers, such as the exchanges, lending platforms, and broker-dealers, Gensler retorted. The head of the SEC elaborated:
"So, we at the SEC are working in each of those fields - exchanges, lending, and broker-dealers - and talking to industry participants about how to come into compliance or modify some of that compliance.''
SEC Chairman's 'One Rule Book' Suggestion
In May, the SEC chair suggested that crypto coins be governed by "one rule book." He said he was collaborating with his CFTC counterparts on a memorandum of understanding at the time. He noted that it would be a formal agreement to guarantee that trading in digital assets has sufficient safeguards and transparency.
Gensler warned that many cryptocurrency tokens would fail in the wake of the failure of the cryptocurrencies Terra (LUNA) and TerraUSD (UST). After cryptocurrency lender Celsius Network froze withdrawals, he warned investors about "too good to be true" crypto items. Currently, Celsius is being investigated by the SEC for its choice to freeze accounts. Last week, the cryptocurrency company requested bankruptcy protection. The securities regulator is also looking into UST and Terraform Labs, owned by Do Kwon.