SEC Chair Gensler Says Crypto Investors Need Greater Protection

[Zixr]

According to the Bloomberg Terminal, Gary Gensler has suggested providing greater protection for investors regarding cryptocurrency tokens.

The source has cited CNBC.

7207_0
Gensler has taken over his position in the SEC from Jay Clayton, who initiated the lawsuit against blockchain giant Ripple back in late December this year.

Contrary to numerous expectations of the XRP community, Gensler is not dropping the suit regarding the alleged XRP status as an “unregistered security”. Ripple and the regulatory agency has scored several legal victories one after the other.

The suggestion of Gensler regarding better protection for crypto investors is likely to be regarding his Thursday's testimony in front of U.S. House Committee on Financial Services, where he planned to discuss the “gamification” of trading, hype and market manipulation on the social media and his concerns about the Robinhood platform.

Sorce link

[Richard_1]

I am very glad to hear words from Gary Gensler in defense of crypto-investors, while until this moment everyone was silent. But in fact, this is the most unprotected area of investment and it would be time to change something in this direction.

[Gravatai]

The SEC's attitude towards cryptocurrencies has changed significantly from previous years when they did not take cryptocurrencies seriously. I think this indicates the transition of cryptocurrencies to the stage of adoption and regulation by government monitored financial organizations.

[TomPluz]

This is the kind of mindset from a regulatory body that can be benefitting all parties in the cryptocurrency industry. Trading and investing should really be regulated with the view of making sure that investors are protected from unscrupulous and schemy practices most especially projects that are designed just to scam people out of their money. Regulations can be good when they are trained for protection and can be bad when the main intention is just to kill the players within the industry being regulated. With this kind of thinking, it would be easy to achieve many win-win solutions all parties are gonna be happy and satisfied.