SEC Chairman Gary Gensler was interviewed by Yahoo Finance Live.
He was asked, “What can we expect from the SEC in the coming months on the crypto regulatory front?” Gensler replied: “More broadly, the public right now would benefit from investor protection around these various service providers … the exchanges, the lending platforms, and the broker-dealers.” The SEC chief sated:
“ So, we at the SEC are working in each of those three fields — exchanges, lending, and broker-dealers — and talking to industry participants about how to come into compliance, or modify some of that compliance.
We do have robust authorities from Congress and also to use our exemptive authorities, we can tailor investor protection.
The public benefits by knowing full and fair disclosure and that somebody is not lying to them... basic protection.
We are also looking at the tokens, the stablecoins and the non-stablecoins. Separately, we do have discussions with the bank regulators and with our friends and colleagues at the CFTC.
The SEC said that with non-security tokens, the SEC will send information to the Commodity Futures Trading Commission (CFTC) and collaborate as best we can”. Lastly, Gensler warned “that many crypto projects will fail”. He also prodded investors about “high yield crypto products” after the crypto crash.
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