SEC Chair Gary Gensler Intrigued by Crypto, Urges for Better Investor Rules

1 month ago

Gary Gensler, the current Chairman of the SEC, believes the cryptocurrency industry needs to go under the scope of the Commission.

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During an interview with Bloomberg, Gensler admitted that he is intrigued by the cryptocurrency space, but that wouldn’t deter him from protecting US investors via enhanced regulations on the market.

  • Being deeply familiar with the blockchain space, as he taught DLT classes at the Massachusetts Institute of Technology (MIT), Gensler was expected to have a straightforward approach when it comes down to regulating the industry when he took charge at the SEC earlier this year.

  • So far, though, the Commission is yet to announce any precise rules, although speculations have run rampant in the past several weeks.

  • Speaking to Bloomberg, Gensler admitted his affection to the market but said he will work towards enhanced investor protection from potential scams and fraudulent activities.

  • “While I’m neutral on the technology, even intrigued, I spend three years teaching it, leaning into it – I’m not neutral about investor protection. If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.”

  • Although he didn’t specify the precise nature of the potential legislation, the SEC’s Chairman said the crypto market needs to go under the jurisdiction of the Commission.

  • He noted that Bitcoin falls under the commodity category, but almost all other altcoins are securities and must comply with the SEC’s rules.

  • Gensler outlined concerns about several cryptocurrency areas, including decentralized finance (DeFi), stablecoins, and exchange-traded funds. Consequently, he promised that he has “asked the staff to use all of our authorities anywhere we can” in relation to those sectors.

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