Cryptocurrency News

Gensler asks US Congress for more power to regulate crypto exchanges

  • Gensler wants Congress to grant the SEC more power to regulate crypto exchanges
  • He believes the question of whether cryptocurrencies are securities has already been answered
  • Gensler wants regulation to cover DeFi and stablecoins

The US SEC chair Gary Gensler is increasing efforts to ensure that the regulatory agency has the authority to regulate cryptocurrency exchanges.

Gensler wants SEC to regulate crypto exchanges

The chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, has sent a letter to the US Congress seeking additional authority to regulate cryptocurrency exchanges.

Gensler wrote the letter in response to Senator Elizabeth Warren, who sought his opinion on what the Congress should do to ensure the SEC handles the cryptocurrency market. The SEC chair said, “I believe we need additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks. In my view, the legislative priority should center on crypto trading, lending, and DeFi platforms.”

Securities status of cryptocurrencies is clear

Gensler argued that the question of securities status of cryptocurrencies is clear. “Certain rules related to crypto assets are well-settled. The test to determine whether a crypto asset is a security is clear,” he wrote.

The comments in the letter were similar to his speech earlier this month, where he pointed out that the SEC needs more power and resources to regulate cryptocurrency exchanges, the DeFi space and stablecoins.

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