The chairman of the US Securities and Exchange Commission (SEC) reiterated that the agency needs clear mandate over platforms that offer lending or trading in cryptoassets.
In an interview with CNBC, Gary Gensler once again expressed his views on the regulation of the cryptocurrency industry. The SEC chairman spoke about the agency’s desire to integrate consumer protection on platforms that offer lending or trade in both stock tokens and cryptoassets traded as exchange commodities.
Gensler noted that many cryptocurrency trading and lending platforms are “in a borderline position” given this nuance.
“If they trade in securities, I encourage them to have an open dialogue with us,” Gensler said, noting that the developers of many platforms are reluctant to do so.
Noting that regulation would conflict with Bitcoin’s original idea of ”outsider money”, Gensler praised the “libertarian” values of cryptocurrency, but stressed the importance of preventing fraud, terrorism and other crimes, citing the recent ransomware attack on the Colonial Pipeline in as an example.
For the second time in a few days, Gary Gensler has highlighted the importance of regulating trading and lending platforms for cryptocurrency. At the beginning of the week, he said that it is necessary to tighten controls over DeFi to protect investors.
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