During testimony before the Senate Banking Committee, Gary Gensler said that in the absence of regulatory standards, the cryptocurrency market will not be able to protect its participants from fraud and illegal activity, and will not be able to provide them with financial stability.
He said:
Crypto trading, financing or lending services do not protect investors well enough. Now it is more like the Wild West, when there were no securities laws and buyers had a hard time.
Gensler noted that the SEC is working with the CTFC, the Federal Reserve, the Office of the Comptroller General and other members of the President's Working Group on Finance to solve these problems.
The head of the SEC believes that cryptocurrency exchanges that issue their own tokens are required to obtain a license from the regulator.
I invited such platforms and projects to contact us directly. Cryptocurrency exchanges must register with the Commission unless they are eligible for an exemption.
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According to bitcoinexchangeguide.com
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