{"id":12630,"date":"2021-09-28T23:54:11","date_gmt":"2021-09-28T23:54:11","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chair-gary-gensler-says-crypto-will-not-end-well-if-it-stays-outside-regulations\/"},"modified":"2021-09-28T23:54:11","modified_gmt":"2021-09-28T23:54:11","slug":"sec-chair-gary-gensler-says-crypto-will-not-end-well-if-it-stays-outside-regulations","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chair-gary-gensler-says-crypto-will-not-end-well-if-it-stays-outside-regulations\/","title":{"rendered":"SEC Chair Gary Gensler Says Crypto Will \u2018Not End Well\u2019 if It Stays Outside Regulations"},"content":{"rendered":"

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says that cryptocurrency \u201cis not going to end well if it stays outside the regulatory space.\u201d The SEC has been criticized for taking an enforcement-centric approach to regulating the crypto industry.<\/strong><\/p>\n

SEC Chair Says Crypto Will Not End Well Staying Outside Regulations<\/h2>\n

SEC Chairman Gary Gensler talked about cryptocurrency regulation Monday during an interview with former federal prosecutor Preet Bharara at Code Conference in Beverly Hills, California.<\/p>\n

He explained that the crypto sector in the U.S. has many \u201ctrading venues and lending venues\u201d with \u201cnot just dozens but hundreds and sometimes thousands of tokens on them.\u201d Noting that \u201cpeople will be hurt\u201d if cryptocurrency markets are allowed to operate outside the purview of regulators, the SEC chairman warned:<\/p>\n

This is not going to end well if it stays outside the regulatory space.<\/p>\n

\u201cTo think that a field that\u2019s grown 10-fold in the last 18 months \u2014 not just in terms of asset value, but in the underlying lending and much more \u2014 that it\u2019s going to stay outside of these public policy frameworks and succeed,\u201d he continued. \u201cWe\u2019ll end up with a problem and a lot of people will be hurt.\u201d<\/p>\n

In August, Gensler said that the cryptocurrency field is not going to reach<\/a> any of its potential if it tries to stay outside of the SEC\u2019s laws. Last week, former U.S. Treasury Secretary Larry Summers also said<\/a> that cryptocurrency will do better regulated rather than being treated like a libertarian paradise.<\/p>\n

The SEC chairman said at a Senate Banking Committee hearing last week that a number of cryptocurrency platforms, including the Nasdaq-listed Coinbase, have many tokens listed, insisting that some of them must be securities<\/a>. He added that the SEC needs more<\/a> manpower and funding to better regulate the crypto sector.<\/p>\n

He said, \u201cCurrently, we just don\u2019t have enough investor protection in crypto finance, issuance, trading, or lending,\u201d asserting that the crypto industry is \u201cmore like the Wild West or the old world of \u2018buyer beware\u2019 that existed before the securities laws were enacted.\u201d<\/p>\n

However, some people criticize the SEC for taking an enforcement-centric approach to crypto regulation, including SEC Commissioner Hester Peirce<\/a>. Last week, Senator Pat Toomey wrote a letter<\/a> to Gensler asking for clarity on crypto regulation.<\/p>\n

What do you think about SEC Chairman Gary Gensler\u2019s comments on crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Gary Gensler, sec chair, sec chairman<\/p>\n","protected":false},"excerpt":{"rendered":"

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says that cryptocurrency \u201cis not going to end well if it stays outside the regulatory space.\u201d The SEC has been criticized for taking an enforcement-centric approach to regulating the crypto industry. SEC Chair Says Crypto Will Not End Well Staying Outside Regulations SEC…<\/p>\n","protected":false},"author":0,"featured_media":12631,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12630"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12630"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12631"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}