You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

Unregulated crypto markets will ‘not end well,’ SEC chair says

If they stay outside the purview of regulators, according to Securities and Exchange Commission Chairman Gary Gensler.
Image: Evelyn Hockstein/Reuters/Bloomberg

US cryptocurrency markets and related platforms will “not end well” if they stay outside the purview of regulators, according to Securities and Exchange Commission Chairman Gary Gensler.

“There’s 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,” Gensler said Monday at the Code Conference in Beverly Hills, California. “This is not going to end well if it stays outside the regulatory space.”

The regulator has previously labeled crypto as the “Wild West” and signaled that he wants more robust oversight of the markets. Last week, Republican Senator Pat Toomey called on Gensler to codify rules for the industry, rather than pursuing “regulation by enforcement.”

At Monday’s conference, Gensler declined to comment on remarks made earlier this month by Coinbase Global Inc. Chief Executive Officer Brian Armstrong that the SEC was regulating by litigation and engaging in “sketchy behaviour.”

© 2021 Bloomberg

COMMENTS   1

You must be signed in to comment.

SIGN IN SIGN UP

Wow the SEC. Are these the same guys that went after eminem in the 90’s and early 2000’s? Or the same SEC that’s letting Kaplan and Rosengren walk after insider trading? This is a joke right? These people are a joke why would you even post this article.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles:
Click a Company: