US Securities and Exchange Commission (SEC) Chairman Gary Gensler (Gary Gensler) said at the Aspen Security Forum on Tuesday (August 3) that the SEC needs Congress to grant it additional powers to oversee the huge and evolving encryption.currencymarket.
When talking about cryptocurrency, Gensler said:
“Now it (the cryptocurrency field) is more like a’Wild West’, and we have and will continue to take measures (to manage the field).The rules related to cryptocurrency assets have been finalized. However, there are still some gaps in this area. “
Gensler asked lawmakers to grant the SEC the legal power to oversee cryptocurrency exchanges,”We need additional authorization from Congress to prevent crypto-asset platforms from falling into the regulatory gap. We also need more resources to protect investors in this industry.”
Gensler previously revealed that regulating cryptocurrency exchanges may be the best way to better control cryptocurrencies. The SEC is studying at least seven major cryptocurrency fields to explore potential policy changes., Including initial token issuance, trading venues, lending platforms, decentralized finance, stable value tokens, custody, andETFAnd other tokensfund。
Gensler was a professor of global economics and management practice at the MIT Sloan School of Management. He has conducted research and lectures on blockchain technology, digital currency, financial technology, and public policy. He says:
“Cryptocurrencies are like assets and should fall under the jurisdiction of the US SEC.”
Although he has a deep understanding of blockchain and cryptocurrency, Gensler made it clear that he intends to “practice” this new financial market. Over the past few months, Capitol Hill has held multiple hearings to discuss how to better monitor this trillion-dollar nascent market, where assets are facing intense price fluctuations.
Earlier, Senator Elizabeth Warren wrote to Treasury Secretary Yellen last week, urging her to increase supervision.Warren is the SenateBankMembers of the committee, alsoBank of AmericaLong-term critics of industry,She urged Yellen to use her powers in the Financial Stability Supervisory Board (FSOC) to achieve a safer cryptocurrency market.(Currently Yellen is the head of FSOC)
Warren wrote in a letter to Yellen:
“FSOC must act quickly to address the risks of cryptocurrency to ensure the safety and stability of consumers and the financial system. As the demand for cryptocurrencies continues to grow, these assets are increasingly embedded in our financial system, consumer sector, and The financial environment. We are facing increasing threats.”
The main concern about cryptocurrency is its vulnerability to fraud and market manipulation. The US Federal Trade Commission (FTC) released a report earlier this year that stated thatBetween October last year and March this year, losses caused by cryptocurrency fraud have exceeded 80 million U.S. dollars.Most of these come from scams targeting small investors on social media. Gensler said:
“The American public buys, sells, and borrows cryptocurrencies on different platforms. What needs to be clear is that according to our laws,These platforms must be registered with the SEC unless they meet the exemption conditions.”
Gensler also stated that andNo rush to approve Bitcoin ETF, But he looks forward to reviewing the Bitcoin ETF application.
Gensler hinted at a way to approve the establishment of a Bitcoin ETF, stating that ETFs that comply with the SEC’s strict rules on mutual funds can provide investors with the necessary protection. He says:
“With these important safeguards, I look forward to staff reviewing such applications, especially if these ETFs are limited to CME-traded Bitcoin futures.”
At least 6 Bitcoin ETF applications have been submitted to the SEC. Most pending ETF applications are filed under the laws that allowed products to be listed on stock exchanges in the 1930s.
Gensler hinted that he would like to see an ETF application submitted under the mutual fund management regulations of 1940. The difference between the two is not only academic. Lawyers say that mutual fund laws provide much stronger protections for investors and require fund boards to closely monitor these investments.
Bitcoin is currently trading around $38,000. Miller Tabak Chiefmarketing strategyTeacher Matt Maley believes that if Bitcoin can stay above $40,000, the next target will be the 200-day moving average and it will stand above the $44,600 mark.
He believes that this level is the resistance of Bitcoin’s rebound in early August. If it can be broken, Bitcoin will soar rapidly. But Maley pointed out that Bitcoin seems to be more overbought in the short term, which is worrying.
(Source: Golden Ten Data)
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