Bitcoin starts the month down 1.4% to $ 47,200

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Bitcoin was trading down 1.4% on Wednesday morning.

The price was around $ 47,200 per coin, while rivals Ethereum and Dogecoin were trading at around $ 3,520 and 27 cents per coin, respectively, according to Coindesk.

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The chairman of the United States Securities and Exchange Commission warns that cryptocurrency trading platforms must operate within the country’s regulatory framework.

Gary Gensler told the Financial Times that cryptocurrencies are putting their survival at risk without working within this framework.

“The story just tells you that it doesn’t last long on the outside. Finance is all about trust, at the end of the day,” he said.

Gensler also expressed disappointment with the industry’s response to its suggestion that trading platforms register with the SEC.

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It’s unclear which US financial regulator is supposed to oversee them. Gensler called on Congress to make this authority more explicit.

Gensler’s crypto comments carry extra weight because he taught a course on the subject at the Massachusetts Institute of Technology.

On Wednesday, he is due to testify on cryptography and other matters before the European Parliament’s Committee on Economic and Monetary Affairs.

EL SALVADOR WILL BE THE FIRST COUNTRY TO ADOPT BITCOIN AS A LEGAL OFFER

In other cryptocurrency news, El Salvador has taken another step towards adopting bitcoin as legal tender.

The country’s Congress on Tuesday approved legislation to create a $ 150 million fund to facilitate conversions from bitcoin to U.S. dollars, according to Reuters.

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Bitcoin adoption takes place next week.

The Central American country will be the first in the world to use cryptocurrency as legal tender.

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