Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), said that crypto companies must comply with current regulations.
Yahoo! Speaking to Finance, Gary Gensler said whether or not the SEC gets more power from Congress to regulate the cryptocurrency market. that they will continue to apply the existing rules told.
Gensler said, “The rules are there. Law firms also know what advice they can give their clients on how to comply with these rules.” He warned against companies that do not comply with the rules.
The SEC Chairman also offering multiple products and services at the same time appealing to crypto companies, saying that this is in line with current regulations not suitable explained:
“Some of these platforms come to us and say, ‘We want to provide lending, trading, hedge fund, stock market and custody services at the same time.’ said. I said to them, ‘No, you have to separate them.’ We answered.”
Gary Gensler also based on current rules that they will continue to regulate the cryptocurrency market and that this is still a small market said that:
“The total value of this worldwide is around $800 billion. We don’t know exactly the total value of the domestic market in the US, but it’s much less than 800 billion.”