Shambhavi SoniGary Gensra is calling for more power in Congress to oversee a “scam, fraudulent, abusive” mayor. The US Securities and Exchange Commission (SEC) chairman has given Congress more power to monitor password money transactions, lending, and platforms in the “Wild West,” where fraud and investor risk lurks.
Gary Gensler is associated with many tokens that can be securities not registered in the crypto market on Tuesday, prices can be manipulated and millions of investors are at risk Said it was vulnerable.
Gensler said at an international conference, “This asset class is rampant in fraud, fraud and abuse in certain applications.” Additional parliamentary authorities have added to prevent transactions, products and platforms from falling during regulatory cracks. Is required.
Cryptocurrencies reached a record $ 2 trillion capitalization in April as more investors secured digital tokens in their portfolios, but market oversight is still uneven.
As the industry said in April that the SEC’s command should be able to put the SEC’s command, the promise of democracy, within the bounds of existing financial regulation, Gensrai, the market was holding its breath to see how it would handle it.
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Gensra said on Tuesday that he hoped to provide more insight into his thinking and give Congress the authority to oversee cryptocurrency exchanges by the SEC.
He also asked lawmakers to authorize the SEC to oversee crypto loans and platforms such as peer-to-peer decentralized finance (DeFi) sites where lending and lending can be transacted in cryptocurrencies without traditional banks.
“If we don’t address this, a lot of people are worried that we’re going to get injured,” he said.
Democratic Senator Elizabeth Warren is putting pressure on regulators to take control of the market. “It’s very opaque and unstable,” she said in a letter to Gensra in July.
Gensler urged Congress to consider granting more autonomy to regulate the sector. On Tuesday, he also emphasized that “will be subject to securities law… a stable value token guaranteed in a stock token security or other virtual product that provides comprehensive exposure to a reference stock.”