SEC Chief: Cryptocurrency Platforms Need Regulation to Survive

Cryptocurrency Platforms Need Regulation to Survive, Says Head of US Securities Regulator


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SEC chief Gary Gensler said cryptocurrency platforms should work with watchdog to set industry rules

SEC chief Gary Gensler said cryptocurrency platforms should work with watchdog to set industry rules

The head of the US securities regulator has urged cryptocurrency platforms to come out of the cold.

Gary Gensler, chairman of the Securities and Exchange Commission (SEC), has warned that platforms that trade assets, such as bitcoin, will jeopardize their very existence unless they work with the watchdog to set rules for the industry.

Gensler, seen as a friend of the crypto industry, believes it should be regulated to allay concerns about investor protection, financial stability and countering illegal activities such as money laundering.

“Finance is ultimately about trust,” he told the Financial Times, saying he was disappointed by the lack of acceptance of his suggestion that crypto trading platforms register with SEC.

Valued at around £1.5 trillion globally, crypto trading is at the level and nature that if it has any relevance five and ten years from now, it will fall within a public policy framework,” he said. “Talk to us, come in,” he added.

Gensler’s comments carry additional weight because he delivered a course on the subject, and amid a sharp increase in regulatory oversight as a boom in investment has enabled trading venues to bring in billions.

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