The chairman of the U.S. Securities and Exchange Commission (SEC) says the crypto industry will have to embrace new regulations to stay relevant and survive.
Gary Gensler tells the Financial Times that like other forms of assets, cryptocurrencies should conform with public policies to protect investors, prevent illegal activities and maintain financial stability.
“At about $2 trillion of value worldwide, it’s at the level and the nature that if it’s going to have any relevance five and 10 years from now, it’s going to be within a public policy framework.
History just tells you, it doesn’t last long outside. Finance is about trust, ultimately.”
The former blockchain professor at the Massachusetts Institute of Technology (MIT) says he is disappointed with how crypto trading platforms responded to his suggestion that they should register with the SEC on the grounds that many digital assets qualify as securities.
Gensler says that 95% of crypto activities take place on trading platforms, but