From Washington to Wall Street passing through Silicon Valley there is a question that bounces in the economic and financial centers of the country: what is the position of the chairman of the Securities and Exchange Commission (Sec), Gary Gensler, regarding cryptocurrencies? In an interview with Bloomberg Businessweek during theAspen Security Forum, the new head of the SEC (the American Consob) has made his position clear. He believes more and stronger oversight of crypto is needed to protect the millions of investors who have filled their wallets with ‘tokens’.. More regulation that can help new technologies, their development and growth at the same time. Statements that have put and are still putting pressure on one of the main cryptocurrencies, Bitcoin, which drops over 2% and moves below $ 38,000.
Gensler: “we have a role as a nation to protect investors from fraud”
Gensler went straight to the point: “If anyone wants to speculate, that’s their choice, but we have the role as a nation to protect investors from fraud“. Then he added: “Even though I am neutral on the subject of technology, perhaps even intrigued – I have spent three years teaching and using it – I am not and cannot remain neutral about investor protection.” By analogy, the number one of the SEC explains again, the auto industry did not fully take off until governments established the driving rules. Speed limits and traffic lights ensured public safety, but favored the mass diffusion of cars. Gensler has already asked Congress to pass a law that could give the agency legal authority to monitor cryptocurrency exchanges, but says the SEC’s powers are already extensive. The SEC “has extended and will continue to extend its authority to the maximum,” he added.
Still no clear timing but….
Gensler has not yet provided a clear timeline about the SEC’s action, but he did know that there are at least seven US Commission initiatives examining various crypto-related issues: including initial coin offerings (Ico), platforms, decentralized finance, but also ETFs and other monetary funds. According to Gensler, crypto exchange regulation is perhaps the simplest way to achieve quick management of digital token trade. Also, according to Gensler, if there are companies that advertise a specific interest rate yield on crypto assets it could bring the loans under the supervision of the Sec.