THELOGICALINDIAN - US Senator Elizabeth Warren has warned of the growing risks of cryptocurrency trading She afresh alleged on the US Securities and Exchange Commission SEC to use its abounding ascendancy to abode these risks abacus that Congress charge additionally footfall up to abutting these authoritative gaps
US Senator Warren Presses SEC to Step Up Crypto Oversight
U.S. Senator Elizabeth Warren, who chairs the Senate Banking Committee’s Subcommittee on Economic Policy, warned Thursday of the growing risks airish by the cryptocurrency market. She additionally accursed the SEC for the abridgement of crypto authoritative oversight.
“While appeal for cryptocurrencies and the use of cryptocurrency exchanges accept sky-rocketed, the abridgement of astute regulations has larboard accustomed investors at the benevolence of manipulators and fraudsters,” the agent was quoted by Reuters as saying. She elaborated:
Senator Warren additionally beatific a letter to SEC Chairman Gary Gensler on Wednesday, adopting apropos about the risks in the crypto market. She emphasized that cryptocurrency trading platforms lacked the aforementioned basal protections as acceptable exchanges. The agent cited Federal Trade Commission (FTC) abstracts assuming that about 7,000 bodies appear a accumulated $80 actor in losses from cryptocurrency scams in the six months to March.
Gensler, the MIT assistant who accomplished classes on crypto and blockchain, was confirmed as the new SEC administrator in May. Has ahead said that cryptocurrency exchanges bare added adjustment but has yet to adduce new rules. “This is a absolutely volatile, one ability say awful volatile, asset class, and the advance accessible would account from added broker aegis on the crypto exchanges,” he said in May.
Warren asked Gensler to outline how cryptocurrency exchanges may be abrasive the SEC’s mission, whether added broker protections were needed, and whether all-embracing authoritative allocation was required. She stressed:
Senator Warren told Gensler that she bare answers from him by July 28 on the SEC’s ascendancy to assure consumers advance and trading in cryptocurrencies, and actuate what approaching aldermanic activity was needed.
What do you anticipate about Senator Elizabeth Warren’s activity apropos crypto regulation? Let us apperceive in the comments area below.
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