Strong Regulatory Regime For Crypto Market Soon - SEC Head.

Strong Regulatory Regime For Crypto Market Soon - SEC Head.

2021-08-03 | Eddy Morgan

Strong Regulatory Regime For Crypto Market Soon - SEC Head.

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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