09 Mar SEC’s Gary Gensler Expects a Regulated US Crypto Market After Biden’s Executive Order
The current Chairman of the US Securities and Exchange Commission – Gary Gensler – said that the agency will collaborate with government organizations to achieve “important public policy goals” in the cryptocurrency sector. His comments came shortly after the US President – Joe Biden – signed the first-ever executive order on digital assets.
Gensler’s Reaction After The Executive Order
The long-awaited executive order on cryptocurrencies from the White House was finally released earlier today. The directive, to be signed by President Joe Biden, recognized the development of the digital asset industry over the years and outlined how it could benefit American authorities and the nation’s citizens.
It is worth noting that the main focus of the executive order was the investors’ protection while dealing with cryptocurrencies, as well as mitigating usage of the asset class in illicit transactions.
Other key priorities that the US national policy should focus to include: “financial stability, US leadership in the global financial system and economic competitiveness, financial inclusion, and responsible innovation.”
Shortly after its release, SEC’s Chair Gary Gensler took it to Twitter to share his thoughts on the matter. He looks forward to partnering with “colleagues across the government” to accomplish certain goals in the sector. Similar to the White House, he pointed out customers’ protection and guarding against illicit activities as priorities.
Today, @POTUS signed an Executive Order on crypto-assets. I look forward to collaborating with colleagues across the government to achieve important public policy goals: protecting investors & consumers, guarding against illicit activity, & helping ensure financial stability.
— Gary Gensler (@GaryGensler) March 9, 2022
SEC Vowed to Target Crypto Exchanges
Earlier this year, Gensler opined that American financial regulators should directly supervise digital asset trading venues. In his view, such additional monitoring should be imposed by the end of 2022 as it will grant investors more protection when dealing with bitcoin and alternative coins.
“I’ve asked staff to look at every way to get these platforms inside the investor protection remit. If the trading platforms don’t come into the regulated space, it’d be another year of the public being vulnerable,” he stated.
Prior to this statement, he outlined his affection to the world of crypto but said this will not stop him from pushing for enhanced regulations in the industry:
“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.”
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