In April this year, Gary Gensler was appointed as the new chairman of the US Securities and Exchange Commission (SEC). Gensler succeeded acting chairmen Allisson Lee. Gensler had long been known as pro-crypto, which is why his nomination as chairman of the SEC was warmly welcomed by the world of cryptocurrencies and even crypto advocates within the SEC itself.
On Thursday, Gary Gensler made a clear statement. According to him, the US SEC should do everything it can to ensure that malicious parties cannot play with the savings of working families. According to him, the SEC will enforce rules tightly, but do so in a logical and consistent manner.
In addition, Gensler would like to see more regulation of crypto markets in the United States. Mainly to protect investors. According to Gensler, investors would benefit from more protection through, among other things, regulation of crypto exchanges. His statements came after the crypto markets were completely turned upside down this week.
The focus of this regulation by the SEC will be on detecting and preventing misconduct anywhere. He also emphasizes here that this also means that lawsuits will be brought against potential culprits of such misconduct. He cites examples such as: fraud, insider trading, deception, market manipulation and other forms of misconduct.
The technology of the financial markets never stands still. Every day can be different from the day before due to technological progress. In the crypto markets, but also in other financial markets. It is therefore very important for Gensler and the SEC that they go along with all these technological steps. This in order to never have to keep up with the facts. It seems that for the world of cryptocurrencies, this position of the SEC is only positive.