Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), has asked Congress to give it more power to oversee the ever-evolving digital currency ecosystem.
To CNBC report, Gensler made this known as the Aspen Security Forum on Tuesday, saying the SEC will always use “its authorities as far as possible.”
“Certain rules on cryptographic assets are well agreed. The test to determine if a cryptographic warehouse is a security is clear,” he said. increase resources to protect investors in this growing and volatile sector. “
Gensler has a wide range experience As a blockchain and crypto lecturer at the Massachusetts Institute of Technology, Gensler said he will take a pragmatic approach to monitoring the cryptography industry, which will be complemented if legislators grant the agency the right to regulate cryptographic exchanges.
Protecting consumers’ interests has become a core issue for regulators. Based on this, U.S. regulators have always restricted the marketing of common products in the country in the world of cryptography. A notable example is The first offers of the coin (ICO). The company has been in a big legal battle with the companies that offer this product to the public, and the social communications giant Telegram is one of those that met With a strong branch of the SEC.
Gensler’s call also comes at the urging of Sensen Warren titled Treasury Sec Janet Yellen and all regulators provide the necessary controls to protect consumers from cryptography in the country. If Congress redefines the SEC’s powers in the area of encryption, the clarity of digital currency regulation can be published, blockchain launches kept under control, and consumer confidence boosted by encryption products.
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