Gary Gensler, chairman of the United States Securities and Exchange Commission (SEC), is reportedly keen on bright-line regulations for the country’s crypto space. In an interview with Bloomberg, Gensler said, “If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.” The SEC chairman revealed that there are seven crypto-related policy changes currently being examined by the commission.
Gensler wants more specific crypto regulations.
SEC chairman identified several crypto-policy changes currently being examined by the commission. These include matters concerning token offerings, decentralized finance (DeFi), and stablecoins. Other focus points for Gensler’s SEC are custody, exchange-traded funds (ETFs), and lending platforms. According to Gensler, crypto exchange regulations might be the most straightforward way to achieve regulatory oversight of the crypto trading arena. However, such legal policies may also include decentralized exchanges as well as other DeFi players. The chairman also identified the crypto lending market as coming under the SEC’s radar. Financial regulators across countries are actively working on crypto regulations.
US Senator Elizabeth Warren wants US Treasury to regulate crypto.
During the Senate Bank Committee Hearing, U.S. Democrat Senator Elizabeth Warren revealed that she had sent a letter to Treasury Secretary Janet Yellen urging her to “act with urgency” on the regulation of the cryptocurrency market. The letter penned by the Senator brought up the ‘dangers’ posed by cryptocurrencies and asked the Treasury Secretary as Chair of the Financial Stability Oversight Council (FSOC) to to “act with urgency” to address the risk of cryptocurrencies. Elizabeth Warren pressed the matter of crypto regulation, bringing up the urgency and time constraints that regulation of this area involves, noting that the market could come under stress without quick action.