Gary Gensler: SEC working with CFTC on crypto regulation

He stressed that the agency cares about investors and is establishing contact with crypto exchanges and platforms

12.02.2022 - 09:10

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1 min

What’s new? The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, stated that the securities regulator is working with the Commodity Futures Trading Commission (CFTC) on crypto regulation. He said that the SEC is establishing contact with exchanges, crypto, and lending platforms to ensure investors are protected.

Interview on the Bloomberg website

What does Gensler say? He stressed that the agency cares about investors when it comes specifically to regulating cryptocurrencies. To date, the SEC has taken 97 enforcement actions against crypto companies and individuals. Gensler explained:

“If investor protection means bringing greater enforcement actions, then we’ll do that. But it would be better to have these platforms come in, work with us, and come under the securities law.”

What are the prospects? The SEC chairman noted that it would be useful to work with Congress on “some things.” Unless Congress acts otherwise, he said, the US Securities and Exchange Commission should ensure that investors in this space are protected. Gensler added:

“We are going to work with the Commodity Futures Trading Commission (CFTC) where there are some commodity tokens. While many of these are securities, some may be under their remit. We work together as two federal agencies.”

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