Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), spoke at the Investor Advisory Committee meeting held today. Gensler answered questions from press officials regarding crypto regulation.
Gensler announced that they are working on a set of regulations for investment advisors operating in the country. SEC’s customers cryptocurrency It wants investment advisors who recommend it to store the digital asset they manage in qualified-protective institutions. Gary Gensler, journalists “Is cryptocurrency exchanges a safe storage tool?” He answered the question as follows:
“Considering the way cryptocurrency trading and lending platforms work, investment advisors cannot trust these organizations. Just because an exchange claims it’s “safe” doesn’t mean it really is.”
The SEC Chairman bases his cold stance on crypto exchanges on past events. Gensler once again reminded the companies that went bankrupt in the sector last year during his statement.
Expanding the Retention Law
After Bernie Madoff’s ponzi network, the biggest financial fraud case of the 21st century, was revealed, the state took strict measures. The government, which has prepared a wide legislation on the storage of investor funds, wants to operate the law for cryptocurrencies with the new regulation.
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