Crypto Markets Need More Scrutiny From SEC, Investor Groups Say: Report

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Investor advocacy teams urged SEC chair Gary Gensler to extra tightly regulate the cryptocurrency trade in a letter on Monday, in response to a report by Bloomberg.

  • The letter signed by Americans for Financial Reform Education Fund, the Consumer Federation of America and others, specified stablecoins, crypto lending and exchanges as key areas in want of extra regulation.
  • ”Without important regulatory steering, the digital asset market has been born and grown right into a Wild West,” the teams wrote of their letter. “It is urgent for the Commission and other federal financial regulators to enforce the law to better protect investors and improve the integrity and stability of the digital asset markets.”
  • The letter reiterates lots of the similar positions that Gensler himself has espoused in testimony earlier than Congress and in different settings, and arrives because the SEC and different regulators have began to pursue extra actions towards the crypto trade.

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