SEC chair makes case for crypto regulation

US Securities and Exchange Commission (SEC) chair Gary Gensler has said he is prepared to get more closely involved with regulating crypto sector.

In a letter to senator Elizabeth Warren, Gensler argued that the legislative priority should now center on crypto trading, lending and decentralized platforms.

“Regulators would benefit from additional plenary authority to write rules for and attach guardrails to crypto trading and lending,” he said.

Gensler is becoming more active in regulating the crypto gaming industry. Last week, he gave an interview for CNBC and spoke at the Aspen Security Forum, touching on the importance of having a clear-cut stance on cryptocurrencies and regulating them.

The US government is already looking to enforce tighter taxation on digital assets, meaning that it has recognized them as a staying component of the future economy.

He also discussed stablecoins, a common cause for concern that mainstream bankers and regulators have brought up repeatedly.

Stablecoins, Gensler argued, were a way for some consumers to “sidestep a host of public policy goals connected to our traditional banking and financial system”.

Gensler explained that stablecoin users were mostly trying to avoid tax compliance, sanctions, AML and other safety protocols.

Based on that, Gensler is confident that the US would benefit from more authority and scrutiny in the sector to prevent cryptocurrencies “falling between regulatory cracks”, which he argues is already happening.

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Updated: 08/12/2021 — 15:00