Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), who attended a conference held at the Georgetown University School of Law today, continued to talk about the cryptocurrency market, which has been the focus of attention recently. The SEC Chairman noted that stablecoins Tether and USDC are used to facilitate transactions between cryptocurrencies such as Bitcoin (BTC) and the leading altcoin Ethereum (ETH).
Gary Gensler says altcoin market needs to be regulated and warns investors
SEC Chairman Gary Gensler repeated his view that “some altcoins have the status of securities,” which he expressed in his previous speeches. Based on this, Gary Gensler stated that such altcoin projects must comply with the regulations of the SEC. According to the SEC Chairman, there are products in the cryptocurrency industry and exchanges that will require review by the Federal Deposit Insurance Fund and the Fed. Meanwhile, Gary Gensler, reminding that the Joe Biden government is preparing a legal regulation on stablecoins, warned investors about crypto money:
In fact, many stablecoins are not publicly owned. These cryptocurrencies belong to the platforms themselves. Therefore, there is only a credit relationship between investors and the stock market. Regulators cannot ignore this. Therefore, regulators need to take this into account in order to protect financial stability and investors.
cryptocoin.com As you can follow from the news, the crypto market is also on the agenda in China’s rival, the USA, during the days when crypto currency bans are spoken in China. There has been a discussion about stablecoins in recent days, and concerns have been expressed in official institutions that stablecoins may pose a risk to financial stability. Accordingly, the Joe Biden government is expected to publish a report on the risks of the crypto market, measures to be taken and investor protection shortly.
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