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SEC Chairman Gary Gensler: Crypto Without Regulation Is Like Wild West, At The Moment Public Is Not As Protected As It Should Be

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SEC Chairman Gary Gensler expressed his views on cryptocurrencies during DACOM 2021 (Video Below).


 

According to Gensler Cryptocurrencies have a future, but only in an environment of trust, where crypto does not avoid laws and regulations.

Gensler said that he compares cryptocurrencies to the “Free Banking Era” from 1837 to 1863. In his opinion, there are many projects trying to circumvent the regulations.

“I don’t think this is the right approach. It looks like the Wild West, “- said the head of the SEC.

In his view finding the industry outside the regulatory perimeter could lead to a loss of public confidence in the technology.

“At the moment, the public is not as protected as it could be, as it should be. Technologies don’t exist for long outside of public policy norms. People get hurt. So It’s much better if technology is in the public policy framework.”

He paid particular attention to the decentralized finance (DeFi) sector, saying many DeFi tokens give unusual sort of return, indicating they could expect stern SEC oversight.

“Any Similar activity should have similar regulation.”

In May, Gensler called on Congress to clarify the crypto industry’s regulatory framework. In his opinion, a legal framework is needed for digital assets to survive.

In August, the official warned of intensified regulation for stable coins and DeFi. In his opinion, decentralization does not give immunity from the Commission’s oversight.

In October, the PWG formed to discuss stable coins included representatives of the Federal Deposit Insurance Corporation, the Federal Reserve System, the SEC, the CFTC, the Treasury Department, and the Office of the Comptroller of the Currency. SEC won a debate among US agencies to propose legislation and oversee the $131 billion stable coin market.

In Sep, SEC investigated Uniswap Labs, the main developer behind the biggest Defi exchange Uniswap.

SEC didn’t forget Coinbase. In Sep the top USA exchange decided to cancel its cryptocurrency lending program shortly after the U.S. Securities and Exchange Commission (SEC) decided to go after the digital asset firm.

On a positive note, in Oct, Gensler announced that the SEC had no plans to ban cryptocurrencies.

Watch Video:

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Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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