U.S. Securities and Exchange Commission President Gary Gensler said Thursday he would like to see more regulation around cryptocurrency exchanges, including those that are only traded bitcoin and currently do not have to register with your agency.
“This is a highly volatile asset class, it can be said to be highly volatile, and the investing public would benefit from greater investor protection cryptographic exchanges, “he told Financial industry regulatory authorityannual conference.
His comments came a day after a brutal bitcoin sale over concerns about tighter regulation in China and unease over the spread of leveraged positions among investors.
Gensler said he has asked Congress to consider the problem.
Cryptographic tokens that are issued in the same way as classic investment tokens are included in SECthe jurisdiction and regulator have taken about six dozen actions against those not registered with the agency, Gensler added.
“And there are hundreds of tokens out there, so we will continue to examine and apply everything we can in this space,” he said.
The SEC also needs to update its rules on cryptocurrency marketing and how it is used in the 2020s, including gaming features in mobile apps offered by retail brokers, theft advisors, and wealth management companies. said Gensler.
“We all know that there is more access and some real improvements that can be derived from these mobile apps, but at the same time, we need to freshen up and make sure our rule sets are properly targeted around of communications with the public, ”he said. .