Cryptocurrency markets may soon face tighter regulatory oversight, as the SEC continues to strengthen its powers.
SEC Chair Gary Gensler has once again voiced his concerns regarding cryptocurrency markets, and has called on Congress to grant additional powers for regulating virtual currencies. Speaking at the Aspen Security Forum, Gensler said that the SEC is looking to sharpen its authority on cryptocurrencies, and will address any regulatory gaps that exist. “We need additional Congressional authorities to prevent transactions, products, and platforms from falling between regulatory cracks. We also need more resources to protect investors in this growing and volatile sector,” he explained.
According to Gensler, digital coins that mimic asset trading should fall under SEC regulatory laws. Gensler, who had previously taught several classes pertaining to blockchain technology, said that he intends to closely monitor crypto markets, particularly amid ongoing price volatility and surging growth.
Digital currency investors were also eagerly awaiting word on the potential approval of the first US bitcoin ETF during the meeting. An application submitted by VanEck is seeking to list shares of its Bitcoin Trust on the BTZ exchange, but in early June regulators said they were still waiting on additional public input regarding the direction of their decision. However, Gensler failed to provide further insight on the potential approval of the ETF, leaving investors disappointed.
Information for this briefing was found via the Aspen Security Forum. 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.
