U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler is issuing yet another warning to the crypto industry.
While speaking at the Code Conference earlier this week, Gensler told attendees that cryptocurrency trading and lending venues should become regulated, Bloomberg BNN reports.
“There’s trading venues and lending venues where they coalesce around these, and they have not just dozens but hundreds and sometimes thousands of tokens on them. This is not going to end well if it stays outside the regulatory space.”
These remarks follow Gensler’s testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs earlier this month. The SEC chairman had stated that cryptocurrency investors are vulnerable to scams and other illegal activities due to the lack of “enough investor protection” in the space.
“Currently, we just don’t have enough investor protection in crypto finance, issuance, trading, or lending. Frankly, at this time, it’s more like the Wild West or the old