The chair of the U.S. Securities and Exchange Commission (SEC) on Tuesday called on Congress to give the agency more authority to better police ...
WASHINGTON -The chair of the U.S. Securities and Exchange Commission on Tuesday called on Congress to give the agency more authority to better police cryptocurrency trading, lending and platforms, a"Wild West" he said is riddled with fraud and investor risk.
Gary Gensler said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks."This asset class is rife with fraud, scams and abuse in certain applications," Gensler told a global conference."We need additional Congressional authorities to prevent transactions, products and platforms from falling between regulatory cracks." Cryptocurrencies reached a record capitalization of US$2 trillion in April as more investors stocked their portfolios with digital tokens, but oversight of the market remains patchy. The industry has been waiting with bated breath to see how Gensler, a Democratic appointee who took the SEC helm in April, will approach oversight of the market, which he has previously said should be brought within traditional financial regulation. On Tuesday, Gensler provided more insight on his thinking, saying he would like Congress to give the SEC the power to oversee cryptocurrency exchanges, which are not currently within the SEC's remit.He also called on lawmakers to give the SEC more power to oversee crypto lending, and platforms like peer-to-peer decentralized finance sites that allow lenders and borrowers to transact in cryptocurrencies without traditional banks.Democratic Senator Elizabeth Warren has been pressing regulators to get a grip on the market, which she described in a July letter to Gensler as"highly opaque and volatile."Advertisement On Tuesday, he also underscored that"stock tokens, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities ... are subject to the securities laws."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Flood watches in US West as mudslides close major interstateMudslides from heavy rains caused 'extreme damage” to a major interstate and left it blocked with piles of boulders and logs, Colorado ...
Read more »
Tokyo Olympics: Shanti Pereira runs her season-best time in 200m heatsWith Monday's run, Veronica Shanti Pereira became the first female sprinter to represent Singapore at the Olympic Games in 65 years. Tokyo2020 TokyoOlympics READ:
Read more »
'As per my last email...': A good night's sleep stops you being rude online, study suggestsA restful night's sleep may help us stay on good terms with our colleagues 😅
Read more »
Bitmain Spin-Off Matrixport Gets $100M in Series C Funding, Valuation Over $1BS'pore-based Matrixport, a crypto services provider, has closed a US$100 million Series C funding round, valueing it at over US$1 billion.
Read more »
Crypto exchange gets Singapore nod on digital token servicesThe Monetary Authority of Singapore has granted an “in-principle approval” under the Payment Services Act to cryptocurrency exchange Independent Reserve, allowing it to operate as a regulated provider for Digital Payment Token services.
Read more »