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(Adds quotes from interview)
By Kanishka Singh
WASHINGTON, Dec 7 (Reuters) – U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has said companies that facilitate transactions in the cryptocurrency market should comply with the law.
“Their business model right now is offering the public a return of interest in crypto and then possibly trades against their clients,” Gensler told Yahoo Finance in an interview on Tuesday. “The trail is getting shorter” between crypto lender compliance and SEC enforcement, the SEC Chairman added.
The SEC has enough authority but could use more resources, Gensler said in the interview. He referred to crypto intermediaries as “crypto casinos”.
“Entrepreneurs in this space have chosen — it’s a choice — to try to circumvent the law, whether they’re locating overseas or serving foreign players,” Gensler said. “But if they’re exploiting US markets, they have to come into compliance.”
The SEC chairman added that next Wednesday the agency will consider recommendations from agency staff on the structure of the stock market. (Reporting by Kanishka Singh in Washington; Editing by Aurora Ellis)
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