{"id":47310,"date":"2021-08-06T11:26:27","date_gmt":"2021-08-06T08:26:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=47310"},"modified":"2025-09-01T20:41:34","modified_gmt":"2025-09-01T17:41:34","slug":"sec-chair-calls-for-dialogue-with-bitcoin-exchanges","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sec-chair-calls-for-dialogue-with-bitcoin-exchanges\/","title":{"rendered":"SEC chair calls for dialogue with Bitcoin exchanges"},"content":{"rendered":"<p>As new technologies advance, the role of the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> remains unchanged \u2014 the agency must protect both retail and institutional investors from fraud and manipulation, including in the markets for digital assets. This was stated by the regulator&#8217;s head, Gary Gensler, in an interview with CNBC.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We must guard against fraud and manipulation, whether from big actors, hedge funds, or elsewhere.<\/p>\n<p>We are taking a close look at market structure to ensure our capital markets are working for investors.<\/p>\n<p>My discussion with <a href=\"https:\/\/twitter.com\/andrewrsorkin?ref_src=twsrc%5Etfw\">@andrewrsorkin<\/a> \ud83d\udc47 <a href=\"https:\/\/t.co\/xoF3K7X1aE\">pic.twitter.com\/xoF3K7X1aE<\/a><\/p>\n<p>\u2014 Gary Gensler (@GaryGensler) <a href=\"https:\/\/twitter.com\/GaryGensler\/status\/1423364419812274184?ref_src=twsrc%5Etfw\">August 5, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to him, the SEC is ready for constructive dialogue with interested parties. Speaking about the cryptocurrency market, he <a href=\"https:\/\/www.cnbc.com\/video\/2021\/08\/04\/sec-chair-gary-gensler-on-his-vision-for-cryptocurrency-regulation.html\">emphasized<\/a> that the agency is focused on protecting users of platforms offering services related to digital assets. <\/p>\n<p>Gensler also noted that many Bitcoin exchanges and lending platforms are &#8216;in a regulatory grey area,&#8217; as they are likely dealing with unregistered securities.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThey should come to us, open a dialogue. Many of them are saying: \u201cYou know, we\u2019re not going to take the first step,\u201d<\/p>\n<\/blockquote>\n<p>The head of the agency said that \u201cBitcoin and hundreds of other coins\u201d are a speculative asset class. He explained that the regulator is not opposed to such a state of affairs, but his duty is to provide \u201cbasic protection\u201d for investors.<\/p>\n<p>Host Andrew Sorkin noted that regulation runs counter to Bitcoin&#8217;s core idea. In response, Gensler praised the \u201clibertarian values\u201d of cryptocurrency, but noted the importance of oversight to prevent fraud and to combat terrorism, as well as other crimes. As an example, he cited <a href=\"https:\/\/u1f987.com\/en\/news\/hackers-from-russia-linked-to-colonial-pipeline-attack-via-ransomware\">ransomware attack on the Colonial Pipeline operator<\/a>.<\/p>\n<p>Earlier at the Aspen Security Forum 2021, Gensler stated that the SEC is considering introducing <a href=\"https:\/\/u1f987.com\/en\/news\/gensler-warns-of-tighter-regulation-for-defi-and-stablecoins\">a tough regulatory regime in the industry<\/a>. He stressed that he is technology-neutral but not neutral on investor protection.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">If crypto is going to be widely adopted, it needs some rules of the road &#038; a cop on the beat to enforce them. <\/p>\n<p>To be clear, I am technology-neutral. <\/p>\n<p>What I\\&#8217;m not neutral about: Investor protection. <a href=\"https:\/\/t.co\/e6GsSAyXhB\">pic.twitter.com\/e6GsSAyXhB<\/a><\/p>\n<p>\u2014 Gary Gensler (@GaryGensler) <a href=\"https:\/\/twitter.com\/GaryGensler\/status\/1422607603708870663?ref_src=twsrc%5Etfw\">August 3, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In July, Gensler warned issuers backed by stocks about the need to report to the SEC.<\/p>\n<p>In the same month, the official urged <a href=\"https:\/\/u1f987.com\/en\/news\/sec-chief-urges-broader-investor-protection-rules-for-bitcoin-exchanges\">to extend investor-protection rules to Bitcoin exchanges<\/a>. In his view, the latter should be regulated in accordance with the requirements applicable to stock and derivatives markets.<\/p>\n<p>In April 2021, the U.S. Senate approved Gary Gensler&#8217;s nomination to head the SEC. During the Obama administration, he served as chairman of the <span data-descr=\"U.S. Commodity Futures Trading Commission\" class=\"old_tooltip\">CFTC<\/span> and earned a reputation for a tough regulatory stance.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As new technologies advance, the SEC\u2019s role remains unchanged \u2014 the agency must protect both retail and institutional investors from fraud and manipulation, including in the markets for digital assets. This was stated by the regulator&#8217;s head, Gary Gensler.<\/p>\n","protected":false},"author":1,"featured_media":47311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1181,36,128,26],"class_list":["post-47310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-gary-gensler","tag-regulation","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=47310"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47310\/revisions"}],"predecessor-version":[{"id":47312,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47310\/revisions\/47312"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/47311"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=47310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=47310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=47310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}