The Securities & Exchange Commission (SEC) needs additional powers to regulate the cryptocurrency arena—specifically, to "prevent transactions, products, and platforms from falling between regulatory cracks," SEC Chairman Gary Gensler told Sen. Elizabeth Warren, D-Mass. in a recent letter. He added that the SEC also needs "more resources to protect investors in this growing and volatile sector."
"In my view, the legislative priority" should center on crypto trading, lending, and centralized and decentralized finance, or DeFi, platforms, Gensler said.
Gensler was responding to a July 7 letter from Warren, in which she asked if Congress needs to act to give the SEC "the proper authority to close existing gaps in regulation that leave investors and consumers vulnerable to dangers" in the highly opaque and volatile digital assets market.
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