{"id":48732,"date":"2021-09-02T11:00:53","date_gmt":"2021-09-02T08:00:53","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=48732"},"modified":"2025-09-02T08:54:35","modified_gmt":"2025-09-02T05:54:35","slug":"gary-gensler-backs-harmonisation-of-crypto-regulation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/gary-gensler-backs-harmonisation-of-crypto-regulation\/","title":{"rendered":"Gary Gensler backs harmonisation of crypto regulation"},"content":{"rendered":"

The head of the U.S. Securities and Exchange Commission (SEC), during a speech to the European Parliament, tried<\/a> to outline the contours of globalisation of cryptocurrency markets.<\/p>\n

The virtual session took place in an “exchange of views” format.<\/p>\n

Gensler emphasised the importance of financial technologies that “break down barriers and connect European and American markets.” He compared the current transformation to the internet of the 1990s and highlighted in particular the digital assets market, “which has no borders and operates 24\/7”.<\/p>\n

While emphasising his neutral stance toward blockchain itself, the head of the SEC noted a commitment to protecting investors and consumers, countering illicit activity and supporting financial stability.<\/p>\n

One area of concern he named was platforms trading and lending digital assets, including DEX<\/span>. He deemed the absence of investor-protection standards against fraud and the infringement of their rights on some of them obvious.<\/p>\n

\n

“Special hardware and software on platforms, operating under a regulatory framework, can help with this”<\/em>, \u2014 he emphasised.<\/p>\n<\/blockquote>\n

In his remarks, the head of the SEC also pointed to the risk of broad use of stablecoins, mentioning the Diem project developed with the involvement of Facebook.<\/p>\n

\n

“Stablecoins can facilitate efforts by those seeking to circumvent government policy goals related to the traditional banking and financial system. Specifically, in the area of anti-money laundering and sanctions”<\/em>, he explained.<\/p>\n<\/blockquote>\n

In an interview with the Financial Times, Gensler noted that regulation is necessary for the survival of cryptocurrencies<\/a>.<\/p>\n

In May, he urged Congress to clarify the regulatory framework for the crypto industry<\/a>.<\/p>\n

Subsequently, the chair stated that platforms offering access to tokenised shares, must report<\/a> to the SEC.<\/p>\n

In August, Gensler warned of tougher regulation<\/a> of stablecoins and DeFi<\/a>. In his view, decentralisation does not provide immunity from the Commission’s oversight<\/a>.<\/p>\n

Subscribe to ForkLog news on Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

The head of the U.S. Securities and Exchange Commission (SEC), during a speech to the European Parliament, tried to outline the contours of globalisation of cryptocurrency markets.<\/p>\n","protected":false},"author":1,"featured_media":48733,"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":[787,1181,36,128,807],"class_list":["post-48732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dex","tag-gary-gensler","tag-regulation","tag-sec","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48732","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=48732"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48732\/revisions"}],"predecessor-version":[{"id":48734,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48732\/revisions\/48734"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/48733"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=48732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=48732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=48732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}