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The U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler is saying that the regulator is focusing on bringing cryptocurrency exchanges “inside the investor protection remit.” He warned that “if the trading platforms don’t come into the regulated space, it’d be another year of the public being vulnerable.”
Gensler made his remarks during a virtual press conference Wednesday where he discussed the SEC’s priorities when it comes to the crypto markets.
Emphasizing that additional oversight of crypto trading platforms is crucial for crypto investors, the Chairman is hopeful that they will take the right steps towards regulation in the next months. He said:
“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.”
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Gensler is a vocal advocate of regulatory guidelines for crypto trading platforms and opines that the majority of them facilitate the trade of securities without registering.
Last year, the SEC head said crypto exchanges need more regulation and asked Congress to play their part, putting the unregulated stablecoins in scrutiny by referring to them as the poker chips of the Wild West.