SEC Chairman Gary Gensler, who has always expressed the need for clear regulations in the cryptocurrency field, spoke at The Wall Street Journal’s CEO Council Summit on Sunday.
Stating that investors should be protected in the face of the increasing popularity of cryptocurrencies, Gensler reiterated that more robust and clear regulations should be made in the crypto field and that crypto money platforms should register with the SEC.
Gensler stressed that cryptocurrencies fit the SEC’s broad mandate, adding, “The public expects some profit based on the efforts of an entrepreneur or computer science group raising funds from the public. “That fits with our broad mandate in the SEC,” he said.
Stating that he thinks that crypto money platforms do “much more than just buying and selling,” Gensler called on crypto exchanges to work with the SEC.
“I said plainly of all cryptocurrency platforms, come, work with the SEC, sign up. Platforms basically offer different products to investors apart from trading activities. In this context, different rules for products with security status are really important to ensure investor protection.”
Gensler has previously stated that not all cryptocurrencies can be classified as securities, saying that some of them are likely to be securities in the wide range of tokens offered by cryptocurrency platforms.