Gary Gensler Says Cryptos Can Be Regulated Under Current Legislation
The Securities and Exchange Commission (SEC) has no intentions of abandoning its strict policies on the regulation of cryptocurrencies.
According to the chairman, Gary Gensler, it is possible to effectively regulate transactions involving digital currencies by utilizing existing securities laws. In a recent statement, Gensler reiterated that there is no need for new legislation to oversee the digital currency market.
He believes that the current regulatory framework for the securities market can be applied to control the cryptocurrency industry.
The securities laws passed by the US Congress in 1933 and 1934 were designed to regulate stocks and bonds, and they provide important safeguards for investors.
Gensler suggests that this same framework can be utilized to regulate the use of cryptocurrencies.
Furthermore, the SEC chairman highlighted the prevalence of fraudulent projects within the crypto space and acknowledged the potential for digital currencies to be used in money laundering. This further underscores the need for strict regulations in this industry.
