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The new US Securities and Exchange Commission (SEC) Chairman, Gary Gensler, has urged Congress to pass cryptocurrency legislation to protect investors. Gensler revealed that the Commission is working with the Commodity Futures Trading Commission (CFTC) and the US Treasury Department to tackle the illicit use of cryptocurrencies.
Gensler explained to the subcommittee in Congress that there were “gaps” in cryptocurrency regulation. The chairman noted that there are currently thousands of cryptocurrencies in existence, and many operate as unregistered securities. He noted that:
“We’ve only been able to bring 75 actions, and there are others currently that are not compliant.”
The chairman asserted that the most important challenge facing cryptocurrency regulation is the absence of regulatory oversight of cryptocurrency exchanges. Gensler stated that he would like for the SEC with Congress “to bring investor protection to the platforms, where these sometimes-commodities, sometimes-securities are trading on the platform.”
Crypto Industry Needs Stock Exchange-Grade Security
The chairman cited some examples of “front running,” where a cryptocurrency exchange could distribute order information and enable an investor to trade ahead of a crypto transaction, making purchases expensive for other investors.
Gensler explained that:
“Without a cop with a beat and some rules of the road, then market participants can front-run your orders.”
The chairman revealed that the SEC works to protect investors on traditional stock exchanges from fraud and manipulation but does not do the same for crypto exchanges. He asserted that the Commission is “trying to bring similar protection to the exchanges where you trade crypto assets, as you might expect on the New York Stock Exchange or Nasdaq.”
The chairman’s statement on increasing investor protection in the crypto industry is similar to a statement made at the Financial Industry Regulation Authority (FINRA) conference last week.
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