Gary Gensler, the head of the Securities and Exchange Commission in the United States, has predicted a crypto crackdown, he also stated that the cryptocurrency market is “like the Wild West.”
According to Bloomberg, the cryptocurrency business is expanding, with a market capitalization of almost $2 trillion. This is owing to the widespread adoption of Bitcoin (BTC) and other cryptocurrencies such as Dogecoin (DOGE).
However, some market watchdogs believe crypto draws unscrupulous actors, citing a recent hacker request for Bitcoin ransomware payments.
This is because of cryptography’s technology, which makes it practically hard to track. There have also been reports of thefts and heists where cybercriminals have made off with other people’s digital valuables.
Gensler lamented the lack of transparency and controls in an interview. As a result, he said that the commission would safeguard investors, which is an important aspect of the agency’s job.
Furthermore, Securities and Exchange Commission (SEC) Chairman Gensler stated,
Investors really aren’t getting the information to judge the risk, and understand the risk. If we don’t address the issues, I worry a lot of people will get hurt.
Although the process is still in its early stages, Gensler urges Congress to empower regulators to draft new rules. He also stated that he would like greater resources. He wants more money and manpower to govern cryptos, which means he wants more money and manpower.
This comes after SEC and CFTC officials have complained for years that Congress hasn’t provided them with enough funding to accomplish their jobs.
While speaking about new restrictions, Gensler has remained tight-lipped about what the SEC might be working on.
