Gary Gensler, Chairman of SEC, Delivered a Speech on the Regulation of Stablecoins and Crypto
US regulators have been concerned about stabilizing the currency for some time. When the president’s financial markets working group issued a report calling for restrictions on the issuance of stable currencies, regulators’ attention became more and more intense.
There have been many opinions, including differences and consensus, on the regulation of cryptocurrency and cryptocurrency exchange. At the same time, many celebrities, such as Gary Gensler, chairman of the SEC, and Hester Maria Peirce, Commissioner of the SEC, are known as the mother of cryptocurrency because of her constant comments on cryptocurrency. Since Gensler became chairman of the committee, the executive has been concerned about the regulation of cryptocurrencies and cryptoexchanges. He always called on the SEC to have more extensive power over the cryptocurrency platform.
Gary Gansler on Cryptocurrency and Cryptoexchange Regulation
This time, Gensler touched on the topic of cryptocurrency regulation in his speech at the Carey School of law at the University of Pennsylvania on April 4. He mentioned how the centralized cryptocurrency trading platform grasps customers’ assets. According to the chairman, more than $14 billion worth was stolen in 2021. Gensler revealed that he had asked SEC staff how to work with the commodity futures trading commission. He hopes that institutions in the registration and supervision of cryptocurrency platforms can ensure the protection of customers’ assets.
The securities and Exchange Commission regulates securities, such as stocks and bonds, while the commodity futures trading commission regulates commodity futures. According to Brett Harrison, FTX US CEO, there is no clear definition of assets, which is the understanding of cryptocurrency. The CEO insisted on promoting “clear token registration procedures” for security reasons.
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Regulators Focus on Stabilizing Currency
U.S. regulators have been concerned about stabilizing the currency for some time. When the president’s financial markets working group issued a report calling for restrictions on the issuance of stable currencies, regulators paid more and more attention. In particular, tether’s usdt has been reviewed by the authorities.
Last March, US President Joe Biden issued an executive order to protect consumers. The order instructs the securities and Exchange Commission, the Commodity Exchange Commission and other agencies to strive to report on how to straighten out market integrity while protecting consumers.