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Gary Gensler of SEC Says Unregulated Crypto Markets Will “Not End Well”


cryptoknowmics.com 28 September 2021 13:40, UTC
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Gary Gensler, the Chairperson of the Securities and Exchange Commission of the United States has recently released a statement saying that the unregulated crypto markets and platforms related to cryptocurrencies are not going to end well. Earlier, the SEC labelled crypto as the Wild West and signalled that he wants more robust oversight of the markets. 

Gary Gensler of SEC Fearful of Crypto Market Future

The Chair of SEC, Gary Gensler, discussed cryptocurrencies at the Code Conference in Beverly Hills, California, on Monday, and said:

“There are trading venues and lending venues where they coalesce around these, and they have not just dozens but hundreds and sometimes thousands of tokens on them. This is not going to end well if it stays outside the regulatory space.”

Republican Senator Pat Toomey called on Gary Gensler last week, to codify rules for the industry, rather than pursuing regulation by enforcement. 

In addition to this, it should be noted that Gensler avoided commenting on remarks made earlier this month at the conference held on Monday by Coinbase Global Inc. Executive Officer Brian Armstrong, that the SEC was regulating by litigation and engaging in sketchy behaviour. 

People Will be Hurt Without Crypto Regulations

Gensler described himself as technology-neutral when it comes to the developments currently reshaping financial markets and securities. Along with this, he said that the significant growth of the cryptocurrency market makes regulatory action even more necessary. He said:

“This is not going to end well if it stays outside of the regulatory space. To think that a field that’s grown 10-fold in the last 18 months—not just in terms of asset value, but in the underlying lending and much more—that it’s going to stay outside of these public policy frameworks and succeed... We’ll end up with a problem and a lot of people will be hurt."

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