The Chairman of the United States Securities and Exchange Commission (SEC) has asked Congress for additional legislative authority to protect crypto asset investors.
SEC Chair Gary Gensler expressed his views on digital assets and the crypto industry during a speech at the Aspen Security Forum, stating that investors needed additional protection. Gensler, who spent several years teaching a course on blockchain technology at MIT, described himself as “neutral” on the technology but adamant about investor protection. As reported by Bloomberg,
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. If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.
~Gensler stated
According to the report, Gensler has asked Congress to pass legislation authorizing the regulatory body to monitor crypto-asset exchanges. Gensler believes that the majority of altcoins fall under the category of “unregistered securities” and must therefore adhere to SEC regulations. Gensler lauded technology’s contribution to economic progress but emphasized the government’s role in establishing safe and equitable limits.
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.
Gensler did not provide a timeline for the SEC to act on crypto assets but did leave the door open for Bitcoin exchange-traded funds (ETFs) to finally receive approval.
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