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Crypto ‘Wild West’ Needs Stronger Investor Protection, SEC Chief Says

WASHINGTON—The Securities and Trade Fee will police cryptocurrency markets to the maximum extent possible, Chairman Gary Gensler mentioned Tuesday, repeating his name for Congress to grant the company extra authority and assets to control the sector.

“Proper now, we simply don’t have sufficient investor safety in crypto. Frankly, right now, it’s extra just like the Wild West,” Mr. Gensler mentioned in ready remarks to the Aspen Safety Discussion board. “We have now taken and can proceed to take our authorities so far as they go.”

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U.S. monetary regulators have struggled to get their arms across the fast-growing world of cryptocurrency and associated monetary applied sciences. In contrast to within the securities and derivatives markets, no single regulator oversees crypto exchanges or brokers. Because the market worth of the asset class has exploded, so have scams.

Mr. Gensler, a veteran Democratic regulator who taught a course on cryptocurrency on the Massachusetts Institute of Expertise, highlighted a spread of areas wherein the SEC may develop its oversight.

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