SEC Prepares Tougher Regulation for Crypto Exchanges

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Cryptocurrency exchanges should prepare for increased regulatory oversight, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned.

“I asked staff to consider all sorts of ways to bring these platforms into the realm of investor protection. If trading platforms do not enter the regulated space, this will be another year when the public remains vulnerable, ”Bloomberg reports him.

The SEC chairman expressed hope that in the coming months, trading platforms will still take steps to be under more direct control of US regulators.

Gensler has made similar statements on numerous occasions in the past:

“We are in the business of protecting investors, and right now this asset class, bitcoin and hundreds of other coins traded by investors, is a speculative asset class. We want to provide basic protection against fraud and manipulation.”

Also, the attention of the SEC remains riveted to the space of decentralized finance.

“Decentralized finance platforms can be subject to laws not only in the field of securities, but also in exchange trading and banking,” the head of the department said.

Last week, Gensler once again declined to answer the question of whether the SEC considers Ethereum a security, saying that he would not comment on the regulator’s attitude towards individual cryptocurrencies.

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