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The head of SEC, Gary Gensler, periodically declares the need to increase the transparency of the cryptocurrency market and ensure the safety of traders.
According to him, the Securities and Exchange Commission should control the blockchain industry. To protect investors, the SEC is ready to follow the path of strict crypto regulation, and the authorities will apply sanctions against violators.
The Commission has broad powers in the area of control over market participants. It is this department that should monitor the digital currency market, Gensler mentioned in an interview.
The head of the SEC also noted that crypto exchanges not only act as intermediaries between investors but also buy or sell digital assets themselves. In addition, such platforms have the resources necessary to influence the value of cryptocurrencies.
Accordingly, they can manipulate prices and create threats to other bidders. Exchanges must register and operate in strict accordance with US law. This will help ensure proper protection for holders of digital currencies, Gensler said.