Chair of US Securities and Exchange Commission has called for the SEC to get power to oversee the crypto market
Gary Gensler, chair of the US Securities and Exchange Commission (SEC) is correct about the need to regulate cryptocurrency trading platforms according to Nigel Green, CEO of deVere Group.
In an interview with the Financial Times, Gentler said he was “technology neutral”, adding that cryptocurrencies are no different to other assets when it comes to public policy requirements, in terms of protecting against illicit activity and maintaining financial stability.
Green says: “It must be championed that the man at the top is taking a future-focused and pragmatic approach to cryptocurrencies – which have a market capitalization of more than $2trillion and which are becoming an increasingly dominant part of the mainstream global financial system.”
“Therefore, they must be brought into the regulatory tent and be held to the same rigorous standards as the rest of the financial system. The best way to do this is through the exchanges,” says Green.
Gensler’s interview with the Financial Times comes on the back of his recent calls to for Congress to grant the SEC more power to oversee the growing crypto market.
“The watchdog needs more powers over the market as there’s a clear direction of travel: both institutional and retail investors are taking Bitcoin and other cryptocurrencies more and more seriously. They are increasing their exposure to them at a faster rate than ever before,” said the deVere CEO at the time.
“The SEC seems aware that digital assets are the inevitable future of money, therefore they require more oversight.”
Nigel Green is both a long-term and high-profile advocate of cryptocurrencies, but also of regulation of the sector.
Over in El Salvador bitcoin will become legal tender as of September 7, alongside the US dollar.
Many countries across the world will be watching to see what happens when bitcoin becomes legal tender in the Central American nation.