The Chairman of the U.S. SEC Promises Crypto Crackdown

The chairman of the U.S. SEC, Gary Gensler, promised a crypto crackdown as he thinks the industry is “like the Wild West.”

The crypto industry is booming, and it is worth about $2 trillion, according to Bloomberg. This is due to the popularity of Bitcoin (BTC) and other cryptos like Dogecoin (DOGE).

However, some market watchdogs think crypto attracts bad actors as recently hackers asked for ransomware payments in Bitcoin. This is because of the tech behind the crypto that makes it nearly impossible to trace. In addition to this, there are other reports of thefts and heists in which cybercriminals have escaped with other people’s digital assets.

In an interview, Gensler denounced the lack of transparency and regulations. As a result, he promised that the commission would protect investors, a vital part of the agency’s mission.

Further, Gensler, the head of the Securities and Exchange Commission (SEC), said,

Investors really aren’t getting the information to judge the risk, and understand the risk. If we don’t address the issues, I worry a lot of people will get hurt.

The process is still starting, but Gensler urges Congress to give regulators the authority to write new rules. Also, he added that he wants more resources. This means he wants more money and manpower to regulate cryptos.

This comes after leaders of the SEC, and the CFTC have been complaining for years that Congress hasn’t given them enough money to do their jobs.

While speaking of new regulations, Gensler has not clarified or given any details about what the SEC might be up to.