The world of cryptocurrency is rapidly changing, and regulators are struggling to keep up with the Securities and Exchange Commission (SEC) being no exception. SEC Chairman Gary Gensler announced that the agency is looking to take a closer look at the cryptocurrency industry and how it should be regulated.
Is Gensler’s Thinking Justifiable?
The problem that Chairman Gensler has with cryptocurrency is that it is not regulated in the same way as traditional investments. Cryptocurrency is a decentralized, digital asset that is not backed by any government or central bank. This lack of oversight has caused concern for Gensler, who is worried that investors may be exposed to significant risk if proper regulations are not established.
Regulator of Choice
Gensler recently expressed his opinion that the SEC should be the “regulator of choice” for crypto assets. He believes that the agency should be actively involved in regulating the crypto industry, and that it should have the authority to oversee the trading of crypto assets.
Gensler is also concerned about the use of cryptocurrency for illicit activities. He believes that the SEC should be proactive in monitoring the use of crypto assets for money laundering, fraud, and other criminal activities.
Finally, Gensler has also expressed his opinion that the SEC should be involved in setting standards for how crypto assets are used. This would include setting standards for disclosure, investor protection, and other related matters.
The problem that Chairman Gensler has with crypto is that it is a relatively new asset class that is not yet fully understood. Without proper regulation, investors could be exposed to significant risk. Gensler believes that the SEC should be proactive in regulating the crypto industry, and that it should have the authority to oversee the trading of crypto assets. By doing so, the SEC can ensure that investors are protected, and that the crypto industry operates in a safe and transparent manner.
Gensler’s Worse Nightmare
The inevitable: Defeat!
Reference: Author: BitcoinBulldog.com 12-09-2023 All rights Reserved – This Article May Not Be Reproduced Without Prior Written Permission from The Author.