Gary Gensler, who was sworn in last month, attended a virtual hearing of the United States House Committee on Financial Services on Thursday. While there, North Carolina Republican Patrick McHenry asked him about the regulation of crypto.
Gensler, who says his views are his and does not speak for his fellow commissioners or SEC staff, argues that the nearly $ 2 trillion crypto asset market could benefit from a better investor protection.
“I think in working with Congress, and I think only Congress can really answer this, it would be good to consider, if you asked me… whether to bring more investor protection to crypto exchanges.
And I think if that were to be the case – because at the moment, the exchanges that trade these crypto-assets do not have a regulatory framework either at the SEC or our sister agency, the Commodity Futures Trading Commission – it could. inspire greater confidence. Currently, there is no market regulator around these crypto exchanges, so there is really no protection against fraud or manipulation. ”
It is not the first time that he has expressed this feeling.
In a Senate confirmation hearing earlier this year, Gensler told lawmakers that Bitcoin and crypto assets are ushering in a new financial era and that regulators need to keep investors safe.
As chairman of the SEC, Gensler will have to oversee all cryptocurrencies considered to be securities.
As early as 2018, he said there was a “strong argument” that XRP is security, and said Bitcoin was not in the same category.
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Image en vedette: Shutterstock / laskoart