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The Chairman of the Board of Directors of “SEC” stated: The SEC is working with the CFTC on regulating the crypto market

The Chairman of the Board of Directors of “SEC” stated: The SEC is working with the CFTC on regulating the crypto market

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Answer The Chairman of the Board of Directors of “SEC” stated: The SEC is working with the CFTC on regulating the crypto market

The CFTC has previously stated that it should be the main body responsible for supervising cryptocurrencies.

While according to Gensler, the head of the SEC, he and his staff are working to protect investors by better regulating hundreds of digital assets and new currencies and overseeing the Bitcoin and Ethereum markets.

For years, Wall Street’s largest regulator has struggled to operate efficiently with budget cuts, which has led to fewer lawyers and economists at the Securities and Exchange Commission (SEC) to monitor and supervise the wide range of stock markets that fall within its purview.

Read:Judge rejects Ripple’s proposal to access trading history for SEC employees

Currently, with the Securities and Exchange Commission (SEC) delving into a large number of new capital markets such as cryptocurrencies, the SEC official is pleading with Congress for additional funding.

Lawmakers have also questioned Gensler about the SEC’s ongoing investigation into pay-for-order flow, a controversial technology used by online brokerages like Robinhood to generate money.

Market makers, such as Citadel Securities, execute buy and sell orders that companies like Robinhood sell to them.

Market makers benefit from the difference between the price at which they acquire shares in the open market and the price at which they sell them to Robinhood clients.

Gary Gensler on the regulation of the crypto market:

This week, Gary Gensler, the head of the Securities and Exchange Commission, discussed crypto regulation in an interview with Bloomberg.

According to a recent report, the SEC has pursued at least 97 enforcement actions against crypto firms and individuals so far.

Gensler also mentioned that cryptocurrency is one of the SEC’s top interests.

He emphasized that the regulations are quite clear as they were written down, adding:

We have the ability to handle these markets using different powers.

Read:Why was Bitcoin used instead of Monero in the recent Twitter hack

Some adjustments are necessary as cryptocurrency exchanges do not work in the same way as regular exchanges.

Read also:

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