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New SEC Chairman Reveals Policies for Cryptocurrency, Bitcoin Called ‘Rare Repository of Value’ – Regulating Bitcoin News

The new chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, shares his perspective on how the SEC plans to regulate cryptocurrency, especially bitcoin. He calls bitcoin “a digital, rare store of value” and emphasizes the need to have some investor protection for this asset class.

Bitcoin, new SEC chairman talks about crypto regulation

SEC Chair Gary Gensler talked about cryptocurrency policies and bitcoin in an interview with CNBC Friday. Gensler taught classes at the Massachusetts Institute of Technology (MIT) in financial technology, cryptocurrency, and blockchain technology. He was confirmed as the new SEC chairman last month.

In response to a question about how he would regulate cryptocurrency, the chairman replied, “To the extent that there is some security, the SEC has too much authority.” Note that he would refer to cryptocurrency as “crypto tokens”, with the former MIT professor emphasizing that “a lot of crypto tokens … are actually securities.”

He then referred to the work done by the former chairman and the SEC under his leadership. “Previously, the SEC took a number of enforcement actions to bring some of these security or investment contracts into the regulations,” said Generals.

The SEC’s chair then shifted its focus to bitcoin, stating that it “is almost half of this $ 2 trillion asset class right now.” They said:

It is a digital, rare store of value, but highly volatile, and there are investors who want to trade … for their volatility, in some cases simply because it has a low correlation with other markets. I think we need more investor protection there.

Gensler noted that unlike the stock and derivatives markets at present “there is no federal rule overseeing crypto exchanges.”

He stressed that if investors want to trade cryptocurrency, the SEC needs to do “in place of some investor protection”. He said that it is “a gap in our system right now” that needs to be addressed.

Talking thoroughly about bitcoin and any other tokens, Gensler explained that the SEC’s “sister agency, Commodity Futures Trading Commission” [CFTC] There is limited fraud and anti-manipulation authority. “However, he reiterated that” there is no federal authority to actually bring a regime for crypto exchanges. “

New SEC chair further noted:

We will work with the Congress, and if they see fit, will try to bring some protection for those who want to invest in this speculative asset class.

What do you think about SEC Chair Gensler’s comments on bitcoin and crypto regulation? Let us know in the comments section below.

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Bitcoin store of value, crypto regulation, crypto securities, gary jenner, gary jenner bitcoin, gary jenner crypto, gary jenner cryptocurrency, SEC, sec bitcoin regulation, sec crypto, securities, stock of value

Image credit: Shutterstock, Pixabay, Vicky Commons

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