Gary Gensler, who currently holds the position of SEC Chairman, has expressed his thoughts on the cryptocurrency market. Senator Elizabeth Warren received a letter of concern from him. According to him, crypto-investors weren’t properly protected from their investments.
The official’s response is almost going to be an announcement of market regulation.
I believe platforms that trade cryptocurrencies, loans, and decentralised finance should be given top priority in terms of legislative regulation.
Remember that Gensler is responding to a letter written by Senator Warren on July 7 about the SEC’s authority over the cryptocurrency industry. Senator Warren was interested in what regulatory actions Congress would take in the future.
There was no suspense to see what Gensler had to say about cryptocurrencies since Gensler’s comments were already known. Just last week, SEC Chairman Jay Clayton described the digital assets market as a wasteland. He requested that Congress empower the SEC with the greater regulatory authority.
The letter from Gensler was made public as part of a failed attempt by cryptocurrency industry lobbyists to gain new market regulations. Validators and miners on the network were exempted from reporting requirements as a result of this exemption.
Additionally, the well-known infrastructure funding law of the Biden administration will be implemented as part of this legislation. Approximately $1 trillion has been committed to the project.
Before the weekend, this bill passed the Senate. A copy of the document has been sent to Congress, where it is expected to be completed by the end of the calendar year. Afterward, the bill will be sent to the White House for signature by President Joe Biden.