With volatility across crypto markets continuously surging, lawmakers from Washington and other regulatory bodies continue to call for the establishment of new laws that would regulate virtual currency trading. The latest call comes from Democrat senator Elizabeth Warren, who has recently penned a letter to SEC Chairman Gary Gensler, demanding that the SEC determines its role in the regulation of cryptocurrencies— by the end of the month.
In the letter seen by Retuers dated July 7, Warren highlighted some of the growing risks consumers and financial markets face as the crypto market continues to expand, adding that the SEC’s current lack of robust regulatory measures are unsustainable. Warren, who also chairs the Subcommittee on Economic Policy of the Senate Banking Committee, urged Gensler to provide a concrete set of answers to her concerns by July 28, particularly on how the SEC plans to protect consumers investing and trading virtual currencies.
“While demand for cryptocurrencies and the use of cryptocurrency exchanges have sky-rocketed, the lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters,” Warren said. “These regulatory gaps endanger consumers and investors and undermine the safety of our financial markets. The SEC must use its full authority to address these risks, and Congress must also step up to close these regulatory gaps.”
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.