The SEC will regulate crypto exchanges in 2022 and they are the primary thing under the regulators’ scope according to Gary Gensler, the Chairman of the agency so let’s read further in our latest cryptocurrency news.
The current Chair of the US Securities and Exchange Commission Gary Gensler noted that the financial watchdogs should directly regulate cryptocurrency exchanges and raised hopes for further monitoring that will happen later this year and will grant investors even more protection when dealing with altcoins or BTC. The SEC chair stated that the digital asset space needs much better investor rules. He outlined his affection for the industry but said that this will not stop him from pushing enhanced regulations on the market. Gensler said:
“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.”
In a recent press conference, he reasserted his viewpoint by saying that crypto exchanges will have to face more scrutiny from the SEC and other monetary regulators and expects that further monitoring will provide the investors the much-needed protection when trading with crypto:
“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.”
It is worth noting that at the end of 2021, the SEC hired a new senior advisor whose main duty is to advise the Chairman on regulations of crypto. The name of the new executive is Corey Frayer and he previously worked on issues like consumer and investor protection. The SEC will regulate crypto exchanges, even more, this year as it come a long way from simply banning the sector. Last year we saw the main events in the crypto industry were bans like the one China imposed. Following it, a few other countries started contemplating whether they should implement the same rules. Gary Gensler affirmed that the USA won’t be among these nations and while following the Chinese way is not on the agenda, the financial regulators focused on enhanced protection for the investors in the space. Fed Chair Jerome Powell also reassured that the US has no intentions to ban the usage of crypto but he did urge for more supervision in the space.
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