Strong Regulatory Regime For Crypto Market Soon - SEC Head.
2021-08-03 | Eddy Morgan
The head of the United States SEC [Securities and Exchange Commission], Gary Gensler, added that
he's weighing
a strong regulatory regime for the crypto market.
Gensler outlined within an
official interview with Bloomberg Tuesday that his interest in crypto
doesn't mean he will take a hands-off regulatory approach
that many
within the space were hoping for.
“While I’m neutral on the technology, even intrigued – I spent 3-years teaching it, leaning into it – I’m not neutral about investor protection,” Gensler explained.
He
didn't offer a timeline on the introduction of SEC action on
cryptocurrency, citing 49 non-crypto policy reviews -
like responding to the GameStop trading frenzy,
that would indeed hamper any progress on cryptocurrency.
Nor did Gensler
discuss the potential approval of a crypto ETF [Exchange-Traded Fund], despite the long list of apps the regulator has received.
Gensler has previously spoken of
the necessity for the SEC
to regulate crypto exchanges and has now added that
this would be
easiest to monitor digital token trading, which
successively could bring into play p2p [peer-to-peer] lending on decentralized finance platforms.
The SEC could then regulate such platforms if
they're advertising an interest-rate return on a crypto asset. Alternatively, platforms that pool digital assets
might be considered mutual funds,
which might also bring them into the SEC's purview.
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