SES Chairman: the powers of the regulator include suppression of unfair work of cryptocurrency companies
The chairman of the US Securities and Exchange Commission (SEC) Gary Gensler drew attention to the fact that investors need protection in cases when the exchange begins to trade against its client.
US Securities and Exchange Commission (SEC) Chairman Gary Gensler in an interview with the Wall Street Journal on December 12
confirmed their desire to take tougher measures to protect cryptocurrency investors.
“The public expects some profit based on the efforts of some entrepreneur or group of programmers who have received money from the public. This is part of the broad powers of the Securities and Exchange Commission. ”
Addressing the owners and operators of cryptocurrency exchanges, the SEC chairman noted that trading platforms perform much more functions than just organizing trading. The platforms store their users’ cryptocurrencies and sometimes trade against them. In this case, exchanges can use information that the client has entrusted to the trading platform, which leads to unfair competition. The head of the Commission called on cryptocurrency companies to cooperate with the regulator in resolving this issue.
“I have publicly announced: come in, work with the SEC, register. In essence, these are exchanges, but other activities take place within the platforms. Therefore, investors must receive reliable protection.
The priority desire of the head of SES to protect investors in cryptocurrencies can be traced in each of his messages. Earlier this month, Gary Gensler, speaking to the Investor Advisory Committee, said that the growth of the cryptocurrency market requires the presence of this asset class as part of government policies related to “caring for investors, protecting from illegal activities, and protecting financial stability.” Recently, the SEC chairman urged the founders of cryptocurrency projects to “find a way to register to get into the investor protection mandate.”