Celsius

Chair

Gary

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SEC Chairman <a href="https://www.thecoinrepublic.com/2024/09/25/gary-gensler-defends-secs-use-of-sab-121-amid-criticism/" rel="noopener noreferrer nofollow">Gary Gensler</a> called for more measures to protect investors in the cryptocurrency market. He said the sector will struggle to grow without rules and policies. He made the remarks during an interview on CNBC’s Squawk Box on Thursday.
Gensler cited the failures of big crypto companies such as FTX, Three Arrows Capital, and Celsius in 2022. These failures, combined with CEO Sam Bankman Fried’s recent conviction, are the perfect example of how unstable this industry is.
Gensler referred to the billions that have been lost and stressed that it is high time for trust-boosting actions. He noted that trust and consumer protection are the most important factors that define any new market.
According to Gensler, the proper disclosures are necessary for crypto firms to protect investors. He said that without these protections, the industry would not be able to survive in the long run.
<h2 class="wp-block-heading" id="h-gary-gensler-highlights-need-for-crypto-regulation">Gary Gensler Highlights Need for Crypto Regulation</h2>
The SEC Chair made the remarks at a time when crypto markets have been volatile. In 2022, many firms failed, and one of them was the FTX, which disrupted the market. CEO <a href="https://www.thecoinrepublic.com/2024/09/14/sam-bankman-fried-appeals-conviction-ftx-unstakes-1b-in-solana/" rel="noopener noreferrer nofollow">Sam Bankman-Fried</a> got 25 years in prison, which also negatively affected trust in the sphere.
Gensler also cited the legal issues affecting other heads of crypto firms such as Celsius Network ex-CEO Alex Mashinsky. He pointed out that several former industry icons are now being persecuted by the law. The dramatic collapse of these companies simply demonstrates the need for enhanced regulation of these entities.
The SEC Chair emphasized that consumer protection remains a key focus for advancing innovation in the crypto market. Gensler expressed that without rules in place, the industry would continue to experience regulation challenges. He called on the crypto platforms to embrace more transparency.
<h2 class="wp-block-heading" id="h-sec-chair-excludes-bitcoin-from-tighter-rules">SEC Chair Excludes Bitcoin from Tighter Rules</h2>
Gensler restated his view that the majority of cryptocurrencies ought to be classified as securities. He called on the crypto exchanges to register with the SEC to comply with the existing laws.
But he was quick to add that Bitcoin is not in the same category as the rest and thus is not under the same regulation. As for Gensler, the companies that offer Bitcoin products now have a means of exploring their options via <a href="https://www.thecoinrepublic.com/2024/06/21/3iq-requested-solana-etp-in-north-america-is-solana-etf-next/" rel="noopener noreferrer nofollow">exchange-traded products</a> (ETPs).
He also pointed out that this exemption of Bitcoin is in line with his view on the supervision of crypto assets. His comments suggest that the SEC is set to increase pressure on the enhancement of regulatory measures significantly.
While the SEC has been criticized heavily by some political actors and officials, Gensler did not budge. He refused to elaborate on the opinions of US presidential hopefuls Kamala Harris and Donald Trump, who have rather different opinions about cryptocurrencies.
The post <a href="https://www.thecoinrepublic.com/2024/09/27/gary-gensler-stresses-need-for-crypto-investor-protection-policies/" rel="noopener noreferrer nofollow">Gary Gensler Stresses Need For Crypto Investor Protection Policies</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

Gary Gensler Stresses Need For Crypto Investor Protection Policies

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