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US Securities and Exchange Commission (SEC) Chairman Gary Gensler is looking to put more pressure on cryptocurrency exchanges to include them in the agency’s strict oversight framework.
Gensler expressed his concern about the dangers to consumers if crypto exchanges are not properly regulated during a virtual press conference taking place on January 20. Thus, the exchange. Crypto exchanges will face tighter scrutiny from the SEC and other money regulators this year.
“I have asked staff to consider ways to bring these crypto trading platforms into investor protection. If they are not strictly regulated, it will be another year where traders suffer a lot.”
To accomplish this goal, by the end of 2021, the SEC has hired a new senior advisor whose main task is to advise Chairman Gary Gensler on cryptocurrency regulations. His name is Corey Frayer and he has previously worked on issues related to consumer and investor protection.
The head of the SEC has previously expressed his desire to “clean up” cryptocurrencies before it is too late for the sake of investor protection. In December, he bluntly stated that the crypto market is being “horribly” manipulated, largely by exchanges because of the way they hold tokens and sometimes trade against their customer base.
One of the major events of last year in the crypto industry was the total crypto offensive that the Chinese government has imposed within its borders. After that, many other countries began to consider whether they should implement similar rules.
But, in October, Gary Gensler asserted that the US would not be among those countries, but that financial regulators have focused absolutely on strengthening investor protection in this area. . Fed Chairman Jerome Powell also reassured that the US has no intention of banning the use of Bitcoin. However, like Gensler, he also calls for more surveillance in space.
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