Gary Gensler, the U.S. Security and exchange commission (SEC) chair and a known name in the crypto for the statements he makes, is back again with more remarks on the urgent need for regulations in the decentralized industry.
While speaking remotely at the Digital Asset Compliance and Market Integrity (DACOM) Summit, he said that the crypto exchange platforms should get themselves registered with the SEC for consumer protection.
He further went on to say that the commission is even ready to have a talk on themes like token custody with the exchange representatives.
As TheCoinRise reported, the SEC chair has already asserted that the crypto industry will not end well without regulations.
However, he again warned exchanges on the regulatory wrath if they fail to meet the laws laid by the regulator.
During the summit, Gary was facing the former SEC chair, Jay Clayton, when he said that the exchanges should “work with us (SEC).” Both the chiefs asserted that they see a productive future for crypto integrated with “trust.”
“These platforms need to come in, get registered, come within the investor protection remit.”
SEC Chiefs talks about unregulated crypto activities
Jay Clayton drew attention to the SEC chair’s widely criticized remark, in which he compared crypto to the “Wild West.” Gensler defended himself by claiming that his remarks were actually about the Wild Cat banking era.
He added that his goal was to relate crypto’s unregulated token minting to the Wild Cat era in the United States when a number of unregistered entities minted their own currencies.
Gensler argued that there are various projects that have entrepreneurs raising money in crypto and turning into gatekeepers and lawyers to track paperwork.
In September, Gensler warned the crypto exchanges against unregulated activities. Interestingly, the two chiefs have been alleged by the Ripple CEO for pushing Ethereum to surpass Ripple.