The post Gary Gensler: No Plans to Change Enforcement-Based Regulatory Approach to Crypto appeared on BitcoinEthereumNews.com.

In a decisive statement to Bloomberg, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), affirmed that the agency will maintain its enforcement-based regulatory approach towards cryptocurrencies. Gensler emphasized that the SEC’s strategy, grounded in robust Congressional legislation and comprehensive agency rules, will continue to protect investors, form capital, and facilitate markets.   Introduction to SEC’s Regulatory Stance Gary Gensler’s Leadership at the SEC Gary Gensler has been at the helm of the SEC since April 2021, bringing a wealth of experience from his previous roles, including serving as the Chairman of the Commodity Futures Trading Commission (CFTC) and as a professor at the Massachusetts Institute of Technology (MIT). Under his leadership, the SEC has taken a firm stance on regulating emerging financial technologies, particularly cryptocurrencies and decentralized finance (DeFi) platforms. Enforcement-Based Regulatory Approach An enforcement-based regulatory approach focuses on monitoring, investigating, and taking action against violations rather than establishing detailed prescriptive regulations. This method allows the SEC to adapt to the rapidly evolving crypto landscape, addressing issues as they arise to protect investors and maintain market integrity.   Details of Gensler’s Statement Affirmation of Current Strategy In his conversation with Bloomberg, Gensler stated: “Over the past 90 years, the SEC has benefited from strong Congressional legislation and a variety of agency rules that have helped protect investors, form capital, and facilitate markets. That will continue to be the case.” He further elaborated that the SEC will continue to leverage its existing frameworks to oversee and regulate cryptocurrency markets, ensuring that new developments comply with established financial regulations. Reasons for Maintaining the Current Approach Gensler highlighted several reasons for sticking with the enforcement-based approach: Flexibility: The crypto market evolves rapidly, and an enforcement-based approach allows the SEC to respond promptly to new challenges without the delays associated with…

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Filed under: News - @ October 23, 2024 5:27 am