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SEC Chair Gensler says crypto market won’t grow without regulatory oversight

By Arghyadeep Dutta - Nov 04, 2021, 08:28 PM ET
Last Updated - Feb 13, 2024, 10:06 AM EST
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SEC Chair Gary Gensler said the regulators would be “very active” in bringing the cryptocurrency sector under investor protection framework as the Biden administration increases scrutiny of digital tokens

Gensler’s remarks followed a highly anticipated report from the President’s Working Group on Financial Market asking Congress to create regulations for cryptocurrencies pegged to government-backed assets like the U.S. Dollar and gold, also known as stablecoins

• SEC Chair’s comments came after a Treasury Department-led panel published a report on stablecoins, asking Congress to set up a framework

• Gensler, who tagged crypto as “wild west,” asked the securities trade group to ensure consumer protections

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SEC Chair Gary Gensler said the regulators would be “very active” in bringing the cryptocurrency sector under investor protection framework as the Biden administration increases scrutiny of digital tokens.

Gensler’s remarks followed a highly anticipated report from the President’s Working Group on Financial Market asking Congress to create regulations for cryptocurrencies pegged to government-backed assets like the U.S. Dollar and gold, also known as stablecoins.

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