Garry Gensler, the Chairman of the U.S. SEC (Securities and Exchange Commission), stated that the Laws of SEC must be fulfilled by the crypto market to reach its full potential, otherwise it will not reach its full potential.
Despite the US’s infrastructure law crypto market has been quite progressive and Bitcoin has achieved the milestone of $50k once again. Fox Business interviewed the chairman of SEC Garry Gensler on Thursday last week. He talked about the regulation of the crypto market. He said we are neutral in this race of Bitcoin and other innovative crypto coins. We will ensure that exchanges follow the “Laws of SEC” to achieve the full potential of a progressive and innovative crypto market.
Laws of SEC guarantees Investor Protection:
The Chairman cleared that they are not neutral about investor protection. He further explained that many DeFi (Decentralized Finance) exchanges have so much centralization, so they must be registered with the SEC. He further said:
“This [cryptocurrency] field is not going to reach any of its potentials if it tries to stay outside of our laws.”
The Chairman called the crypto market and Bitcoin “Innovative Technologies”. The Laws of SEC include “Tax compliance”, “Money laundry”, and Investor protection being the priority. He recently said that Satoshi “Nakamoto’s innovation is real” and “it has been and could continue to be a catalyst for change in the fields of finance and money.”
The regulation of crypto market will have a long term effect and lets see where these two get setteled. For more interesting content click here.