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WASHINGTON The Securities and Exchange Commission will regulate the cryptocurrency markets to the greatest extent possible using its existing authority, President Gary Gensler said on Tuesday, while also calling on Congress to give the agency more reach and resources. to oversee the sector.
Calling the asset class plagued by fraud, scams and abuse, Gensler signaled that the SEC would likely become more active in monitoring crypto trading and lending platforms, as well as so-called stablecoins. .
We just don’t have enough crypto investor protection. Frankly, right now it’s more like the Wild West, Gensler said in prepared remarks at the Aspen Security Forum. We have pushed and will continue to bring our authorities as far as they go.
U.S. financial regulators have struggled to get a handle on the growing world of cryptocurrency and associated financial technologies. Unlike the securities and derivatives markets, no single regulator oversees crypto exchanges or brokers. As the market value of the asset class has exploded to over $ 1 trillion, so have scams.
Mr Gensler said large parts of the industry operate outside regulatory frameworks that aim to protect investors and consumers, reduce crime, promote financial stability and protect national security.
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