Gary Gensler the Securities and Exchange Commission (SEC) chief has stated that the commission will continue seeking ways to improve investor protection policies.
During an interview with Bloomberg, Gary Gensler stated that his personal interest in the subject will not obstruct required regulatory supervision.
Because of his profound grasp of the subject, Gensler was expected to take a crypto-friendly position, but his early statements and actions suggest that he will follow in the footsteps of his predecessor.
“While I’m neutral on the technology, even intrigued—I spent three years teaching it, leaning into it—I’m not neutral about investor protection. If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.”
Gensler also emphasized the importance of putting the crypto sector under the SEC’s supervision. He explained that while some crypto assets, such as Bitcoin, function as currency but are classified as commodities, thousands of other tokens are classified as a security and must adhere to SEC regulations.
Regulations would strengthen the crypto industry.
Many US senators have called for a regulatory framework and investor protection as the demand for crypto-assets grows among both retail and institutional investors.
Since taking over as CEO, Gensler has emphasized the necessity for investor protection laws in the crypto industry, claiming that regulations will help the crypto business grow.
He used the automobile business as an example, claiming that the industry only became popular after the government established driving laws and made it safer for everyone.
“It’s only with bringing things inside—and sort of clearly within our public policy goals—that a technology has a chance of broader adoption,”
However, Gensler remained tight-lipped about their plans for Bitcoin ETF regulations, which US investors are anxiously anticipating. Gensler also stated that they intend to enact new regulations requiring businesses to disclose their carbon emissions and other environmental hazards.