SEC might receive more authority to regulate crypto
Gary Gensler, chairman of Securities and Exchange Commission ( SEC) claimed that present crypto market’s investors are not fully protected. They needed more authority to regulate & control the crypto market.
Gary Gensler wrote a letter to Elizabeth Warren to demand more authority to regulate the Cryptocurrency market with better potential.
According to Gary, the existing authorises are not enough to protect the crypto investors from the associated risks in the Crypto market. And also the crypto Investors are not able to evaluate the degree of risk in such volatile space. So it will be better for SEC to provide more authority to take better control on the crypto ecosystem, so that they can provide a better environment for their citizens in this market of crypto world.
“Right now, I believe investors using these platforms are not adequately protected”
Before this, two days ago, Gensler talked about this matter indirectly in the Aspen Security Forum.
Gensler said that digital assets are a form of fraud, scams, and abuse. And urged the Congress for additional regulations to control the working system of crypto assets in the U.S. financial system.
It is worth to note that the recent crypto tax evasion bill proposed by the senate of the U.S indicates that they did their work without analysis and deep research. And also Elon Musk tweeted on this matter that we are not used to situations where decisions should be taken under pressure.
Related: Elon Musk Supports Crypto Community Amid Crucial Taxation In United States
Probably more the authorities in the U.S, more will be in control of the crypto services & related decisions, so that people can see more of the system market.
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