- SEC chairman Gary Gensler discussed various topics at the “Balance of Power” show.
- Gensler said the regulator will continue to build a regulatory framework.
- Gensler believes if kripto stays in future the system will need a lot of trust.
Gary Gensler, chairperson at Securities and Exchange Commission (SEC), appeared on the “Balance of Power” show. The show is telecasted on Bloomberg TV. On the show, Gensler said there are several non-compliance in the wider kripto industry. The chairperson also said the agency will continue to constitute a regulatory framework.
Gensler commented on various lending and trading platforms who borrowed funds but failed to repay it. The chairman believes the reason behind their failure was the case of “classic parts of the securities laws.” Gensler then promises to do everything in their control. He also acknowledged that there are still several platforms that aren’t registered or work in compliance with the law.
Gensler also shared his views on kripto exchanges and lenders and the kind of regulation is required now. According to him, “it’s a mixture of things.” It also includes working again on the protection of investors and partnering with market participants. The SEC Chairperson believes the stance of the SEC should be “technology neutral” and at the same time, should be able to offer protection to the public.
Moreover, he said if kripto is in future then the system will require a lot of trust. Gensler while speaking in relation to regulation said that the SEC already has a maintenance of several laws on decade-old books. At last, Gensler talked about how certain tokens contain promotional attributes and raise funds from the public. He claims that the SEC will constantly work on introducing “robust enforcement actions.”
Last month, the SEC chairman again reiterated his views on Bitcoin. He continues to believe the top kriptovaluta is a commodity. However, he refuses to comment on altcoins.
Source: https://www.thecoinrepublic.com/2022/07/20/sec-chairman-talks-on-failed-lending-platforms-regulatory-framework-future-of-crypto/