Tuesday 3 August 2021 9:51 am

SEC chief vows to crackdown on cryptocurrencies

The new chief of the US’ financial markets watchdog has vowed to crackdown on cryptocurrencies as soon as possible.

Speaking to Bloomberg, Gary Gensler, commissioner of the US Securities and Exchange Commission, said that he has instructed “staff to use all of our authorities anywhere we can” to improve oversight of crypto assets.

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Gensler disclosed that there is at least seven SEC initiatives looking at various crypto issues, namely initial coin offerings, trading venues and lending platforms.

The new SEC boss wants to sharpen regulatory oversight of digital assets to strengthen investor protection.

Gensler said: “While I’m neutral on the technology, even intrigued—I spent three years teaching it, leaning into it—I’m not neutral about investor protection.”

“It’s only with bringing things inside—and sort of clearly within our public policy goals—that a technology has a chance of broader adoption,” he added.

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