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The SEC’s chairman held another virtual news conference, this time announcing his desire to regulate crypto exchanges in 2022.
Gary Gensler anticipates that all U.S-based platforms will begin to take regulatory steps in the coming months. As a result, they’ll be in the regulated space by the end of the year.
Officials from the Securities and Exchange Commission are now looking at ways to put cryptocurrency exchanges in the domain of investor protection. The major purpose of the regulation is to ensure that cryptocurrency investments are not exposed to fraud and deception.
According to Gensler, the path ahead will be arduous. The bitcoin market is currently more akin to the Wild West. He contrasted crypto assets to securities, stating that there will always be a place in the cryptosphere for fraud and abuse unless laws are implemented.
