SEC Chairman: Cryptocurrency exchanges will come under direct scrutiny this year

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a videoconference on the 19th that cryptocurrency exchanges will be monitored more closely than the SEC. somewhere in 2022.

Gensler said he hopes the trading platform will be up and running next month to receive direct oversight from financial regulators in Washington, adding that it's important for investors to watch the cryptocurrency market escalate. . shares or other assets.

Gensler said: "To explore more ways to bring these exchanges to the forefront of consumer protection, we asked the following.

Gensler, who took office last year, surprised the crypto industry by saying that most cryptocurrencies are safe and should be protected by strict SEC rules. The same model in a commercial contract.

I am asking a trading platform to register with the SEC.

In fact, Gensler called for tougher rules on cryptocurrency exchanges. According to previous reports, Gensler asked SEC Chairman Jay Clayton to come to cryptocurrency exchanges and lenders at their meeting on December 1 last year to discuss and work together to make investments in order to to provide better protection.

Gensler said that whether it is a commerce platform or a lending, intermediary or advertising platform, these platforms are important for civil rights and consumer protection. . If agreement cannot be reached, the SEC suggests that it use the appropriate administrative tools to prosecute organizations that are not registered with the SEC, and that these platforms make efforts to register under the law. .

Last year, Gensler announced that he had appointed Sherrod Brown, assistant to the former Senate Banking Committee Chairman, who has focused on the cryptocurrency industry, as an expert for the DRY. Cryptocurrency rules are strict in 2022.

According to a recent report from Coindesk, a Senate Treasury spokesperson said Corey Frayer, who oversaw the launch of Sherrod Brown's cryptocurrency policy, was honest about the risks cryptocurrencies can pose. to investors. He denounced blockchain as illegal in the online distribution network, not all money is needed.

20 Legislature was enacted last year

US litigation firm Cornerstone Research released the updated SEC Cryptocurrency Enforcement Actions: 2021 report dated May 19, stating that the SEC took all 20 actions against participants in the digital transaction last year. It outlines the SEC's continued role as a key regulator in the cryptocurrency space since the Biden administration took office.

According to statistics from Cornerstone Research, by 2021 the SEC will file a total of 14 cases and 6 cases in US federal courts, with 70% of the 20 cases related to Initial Financial Assistance (ICO). The SEC also announced four non-judgment orders, two restraining orders and one pending compliance request this year.

Author Simona Mola, Director of Research at Cornerstone, concludes in a statement: SEC Chairman Gensler has viewed cryptocurrency governance as an important task since its inception in April 2021. May through mid -September of last year, the SEC's efforts in this area increased significantly. The SEC has taken unprecedented action against cryptocurrency lending platforms, unregistered digital exchanges, and DeFi lending platforms. This is also one of the biggest penalties we have seen in ICO-related regulation since Telegram.

Since first regulating the cryptocurrency industry in 2013, the SEC has conducted a total of 58 legal proceedings and 39 regulatory proceedings against digital market participants so far. Good ..

Regarding the SEC's next policy, Abe Chernin, Co-Head of Cornerstone's FinTech Company and Vice President of Research, said that by 2022, the SEC will be under the leadership of The Biden administration, in the test Howey, can see additional rules for some of the things. Those involved in the cryptocurrency industry, such as DeFi platforms.