The US SEC will continue its regulatory efforts in 2022. During a virtual conference on Wednesday, Gary Gensler, Chairman of the commission, made this known. However, according to Gensler, the focus of the commission’s regulatory efforts will be cryptocurrency exchanges.
Gary Gensler has always maintained that the cryptocurrency space requires regulations, the essence of which is to protect investors while they deal with bitcoin and altcoins. Last year, he noted that his love for digital currencies would not stand in the way of advocating for regulations. In his words,
“I’m not neutral about investor protection. If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.”
At the recent conference, Gensler emphasised the need to directly monitor cryptocurrency platforms, which have become a significant feature of the industry. He added that cryptocurrency exchanges should face more scrutiny from the SEC and other regulatory bodies. Gensler stressed that this would provide investors with the necessary protection when trading digital assets.
“I’ve asked staff to look at every way to get these platforms inside the investor protection remit. If the trading platforms don’t come into the regulated space, it’d be another year of the public being vulnerable,” he concluded.
While countries like China have taken stringent measures to prohibit the use of cryptocurrencies, the US, according to Gensler, will instead opt for a supervisory approach with the primary aim being investors’ protection. Meanwhile, Jerome Powell, the US Federal Reserve Chair, restated Gensler’s position, urging for more supervision rather than an outright ban.
