Cryptocurrency law can undermine US financial stability

The head of the US Securities and Exchange Commission (SEC), Gary Gensler, said the recently proposed bill to create a regulatory framework for cryptocurrencies will weaken the protection of investors in the market – this became known during the Summit of Financial Directors of The Wall Street Journal.

“We do not want our stock exchanges and large companies to go beyond the laws that have existed for 90 years and are profitable for investors and economic growth of the United States,” the Gensler explained, stressed that changes can undermine capital protection, $ 100 in size Trillions.

The Bill on Responsible Financial Innovations, against which the SEC head, aims at creating a regulatory framework for cryptocurrencies, regulating many aspects of sales and taxation. According to the Gensler, after the law is passed, some altcoines will be considered securities and bitcoin (BTC) and ETH (ETH) – goods that will complicate the control of their circulation and protection of investors. It was for the protection of future investors that cryptocurrency in the SEC began an investigation into the possible involvement of exchanges in insider trade.

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