Elizabeth Warren asks SEC to determine role in crypto regulation by July 28

[ad_1]

As volatility in the crypto markets continually increases, lawmakers in Washington and other regulators continue to call for new laws to be established that would regulate virtual currency trading. The latest call comes from Democratic Senator Elizabeth Warren, who recently wrote a letter to SEC Chairman Gary Gensler demanding that the SEC determine its role in regulating cryptocurrencies by the end of the month.

In the letter viewed by Retuers dated July 7, Warren highlighted some of the growing risks facing consumers and financial markets as the crypto market continues to grow, adding that the current lack of robust regulatory measures in the SEC is not sustainable. Warren, who also chairs the Senate Banking Committee’s economic policy subcommittee, urged Gensler to provide a concrete set of responses to his concerns by July 28, particularly on how the SEC plans to protect consumers who invest and trade virtual currencies.

“As the demand for cryptocurrencies and the use of cryptocurrency exchanges have exploded, the lack of common sense regulations has left ordinary investors at the mercy of manipulators and fraudsters,” Warren said. “These regulatory loopholes endanger consumers and investors and compromise the security of our financial markets. The SEC must use all of its authority to address these risks, and Congress must also step up efforts to close these regulatory loopholes. “

Information for this briefing was found via Reuters. The author has no title or affiliation related to this organization. Not a buy or sell recommendation. Always do additional research and consult a professional before purchasing a title. The author does not hold any license.

[ad_2]