Gary Gensler: According to the SEC chaiman, the crypto markets and related platforms will not end well if they are not properly regulated.
Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), has long described cryptocurrencies as the “Wild West” and suggested the need for more control.
Gary Gensler made himself clear
The chairman of SEC spoke about the regulation of cryptocurrencies during an interview with former federal prosecutor Preet Bharar at the Code Conference in California.
There, he explained that the cryptosector in the United States has many platforms with “thousands of tokens.” Gensler noted that “people will pay for it” if the cryptomen markets function without the scrutiny of regulators.
Anyone who thinks that an area that has grown tenfold in the last 18 months, not only in value but also in various other places, will remain outside official law and will be successful, is on mistake. “It’s not going to go well and a lot of people will have problems,” Gensler thinks.
The SEC should have more control
In August this year, Gensler said the cryptocurrency area would not reach its potential if it remained outside SEC laws. Former US Treasury Secretary last week Lawrence Summers he also said that cryptocurrencies would be more successful if they were regulated and not treated freely.
The SEC has been active on the subject of cryptocurrency recently, as has been the case at this monthly meeting, where it has been said that too many tokens are listed on many cryptocurrency platforms, including Coinbase. He insisted that some of them must be listed as securities. He added that the SEC needs more expertise and funding to better regulate the cryptosector.
“At present, we simply do not have sufficient investor protection in the area of financing, issuing or trading cryptocurrencies.” He concludes this by comparing it to the “wild west or the old world”, when it was necessary to pay close attention to buyers.