BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

SEC Chair Gary Gensler Calls Digital Asset Market the ‘Wild West,’ Invites Crypto Platforms to a Dialogue

SEC Chair Gary Gensler Calls Digital Asset Market the ‘Wild West,’ Invites Crypto Platforms to a Dialogue
The chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler says that cryptocurrency investors are inadequately protected.
 
Testifying before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Tuesday, Gensler stated that cryptocurrency investors are vulnerable to scams and other illegal activities due to the lack of “enough investor protection” in the space.
“Currently, we just don’t have enough investor protection in crypto finance, issuance, trading, or lending. Frankly, at this time, it’s more like the Wild West or the old world of ‘buyer beware’ that existed before the securities laws were enacted.
This asset class is rife with fraud, scams, and abuse in certain applications. We can do better.”
The SEC chairman says that a significant percentage of players in the cryptocurrency space are disregarding the existing regulations.
“Right now, large parts of the field of crypto are sitting astride of – not operating within – regulatory frameworks that protect investors and consumers, guard against illicit activity, and ensure for financial stability.”
While arguing that some tokens are securities that need to be registered as such, Gensler says the SEC welcomes dialogue with cryptocurrency projects and platforms.
“I’ve suggested that platforms and projects come in and talk to us. Many platforms have dozens or hundreds of tokens on them. While each token’s legal status depends on its own facts and circumstances, the probability is quite remote that, with 50, 100, or 1,000 tokens, any given platform has zero securities.
Make no mistake: To the extent that there are securities on these trading platforms, under our laws they have to register with the Commission unless they qualify for an exemption.”
Gensler claims he is “technology-neutral,” viewing it as a potential catalyst for change that requires regulatory measures to sustain itself and protect investors.

l
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter , Facebook and Telegram

Surf The Daily Hodl Mix  
 

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.


Featured Image: Shutterstock/Ongky Ady Widyanto/Vladimir Sazonov
The post SEC Chair Gary Gensler Calls Digital Asset Market the ‘Wild West,’ Invites Crypto Platforms to a Dialogue appeared first on The Daily Hodl .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ SEC Chair Gary Gensler Calls Digital Asset Market the ‘Wild West,’ Invites Crypto Platforms to a Dialogue


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News