The Chairman of the US Securities and Exchange Commission released his latest views related to the crypto market. He is generally of the view that Washington’s financial regulatory body should directly control crypto trading exchanges. He also expressed the hope that the monitoring and regulation would be done this year to give investors more protection when dealing in crypto -related matters.
This is not the first time Gensler has called for this. Previously he had repeatedly stated that cryptocurrencies needed better investor regulation. Last year he also expressed support for crypto but that did not stop him from calling for crypto rules to be tightened.
“I am not biased when it comes to investor protection. If someone wants to speculate, that's their choice, but we have a role as a country to protect those investors from fraud, ”Gensler said.
In a recent press conference, he reaffirmed his view by saying that cryptocurrency exchanges should face more scrutiny from the SEC and other monetary regulators this year. He expects that additional monitoring will provide investors with the protection they need when trading crypto assets.
“I have asked the members of the authority to look into every way to ensure investor protection. If the trading platform is not controlled, it will be another year where the public will be exposed to fraud, ”he said
It should be noted that at the end of 2021, the SEC hired a new senior advisor, whose primary job is to advise Chairman Gary Gensler on cryptocurrency regulation. The new executive's name is Corey Frayer, and he has previously highlighted "issues ranging from consumer and investor protection."
Finally he argues that regulation does not mean prohibition and America has no intention of following in China’s footsteps.
