Gary Gensler, the new Chair of the U.S. Securities and Exchange Commission (SEC), asked Congress to consider greater regulation of cryptocurrency exchanges. His comments came in response to questions from Congressman Patrick McHenry, who asked what steps can be taken to provide greater regulatory clarity to enable a vibrant digital asset marketplace.
Gensler noted that the crypto-asset sector is now almost $2 trillion in market capitalization. “I think it’s only Congress that could really address it. It would be good to consider – you asked my thoughts – to consider whether to bring greater investor protection to the crypto exchanges,” said Gensler.
“Because right now the exchanges trading in these crypto-assets do not have a regulatory framework, either at the SEC or our sister agency the Commodity Futures Trading Commission.”
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