No ‘good views’ on cryptoassets Gary Genslerexplained more about the need for regulations in the decentralized industry. President Gensler spoke at the Digital Asset Compliance and Market Integrity (DACOM) Summit, emphasizing that crypto exchange platforms should register with the SEC rather than consumer protection. He even offered that the commission was ready to discuss issues such as token storage with exchanges.
However, Gensler reiterated that crypto platforms could face regulatory issues if laws set by the SEC are not followed.
Current SEC Chairman Gary Gensler faced off with former SEC Chairman Jay Clayton at the DACOM Summit, where Gensler said crypto exchange platforms should “work with us (SEC).” Additionally, both SEC Chiefs claimed that they see a productive future for crypto, but stated that this is not possible without an “environment of trust.”
“These platforms need to be registered, covered by investor protection,” Gensler explained.
Jay Claytonpointed to Gensler’s widely criticized comment that he considered crypto the “Wild West”. In his defense, Gensler argued that his comments actually referred to the Wild Cat banking era. He said his intention was to compare crypto’s unregulated token issuance to the Wild Cat era, when multiple unregistered institutions issued their own currencies in the US. But Wild Cat caused the centralization of the Dollar with the creation of the central bank.
“How are we going to get past the authorities?” There are many projects that say that and I don’t think it’s the right approach, but it’s true. It’s like the Wild West,” Gensler argued.
Towards the end of Q3, CoinGape reported Gensler’s stern warning against unregulated crypto exchanges. Gensler argued that unregulated crypto markets and companies operating outside of regulatory jurisdiction “will not end well” and also argued that compliance with SEC rules will pave the way to success.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.