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US Securities and Exchange Commission (SEC) Chairman, Gary Gensler, recently stated that financial authorities need to directly regulate cryptocurrency trading avenues. Gensler also indicated that more regulatory frameworks would be put in place this year, boosting optimism over investor protection in the crypto space.
Before now, the SEC boss has hammered on the necessity of better investor rules in the crypto space. In 2021, he expressed his love for the industry, considering his cryptocurrency academic background, but asserted that this affection would not stop him from calling for better regulations in the market. Gensler stated at the time that:
“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.”
At a recent virtual press conference, Gensler reaffirmed his stance, noting that cryptocurrency exchanges should come under more scrutiny from the SEC and other financial regulatory authorities in 2022. He believes that increased regulatory scrutiny should provide the necessary protection for investors in the crypto space. The SEC chair added:
“I’ve asked staff to look at every way to get these platforms inside the investor protection remit. If the trading platforms don’t come into the regulated space, it’d be another year of the public being vulnerable.”
Notably, the Commission hired a new senior advisor in late 2021, whose main objective is to advise Chairman Gensler on crypto regulation matters. The new advisor, Corey Frayer, previously worked on “issues ranging from consumer and investor protection.”
US Securities and Exchange Commission has No Plans to Ban Crypto
In 2021, the digital asset industry recorded total bans across several countries, starting from China. After the Chinese crypto ban, several other nations followed in a similar pattern, with many others contemplating adopting this stance.
However, Gary Gensler assuaged fears of a similar action in the US last October after he assured that his agency or the US government do not have plans to ban cryptos. The SEC chair noted that the agency was only after enhanced protection for investors in the industry.
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