SEC Chairman Urges Crypto Exchanges to Cooperate

In an interview, the chairman of the U.S. Securities and Exchange Commission urged cryptocurrency exchanges to work with his agency.

SEC Chairman Urges Crypto Exchanges to Cooperate

In an interview with the Wall Street Journal, Gary Gensler, Chairman of the SEC, expressed the need to put crypto exchanges under his agency’s control.

He said:

I’ve said publicly, come in, work with the SEC, get registered.”

He explained the need for such controls by protecting investors’ interests. According to Gensler, cryptocurrency exchanges are not limited to trade organizations, and some of their actions may be directed against users’ interests. The main threats to their customers are personal data and other private information.

The official said:

The public’s anticipating some profit based upon the efforts of some entrepreneur or computer-science group that’s raised money from the public. That fits in our broad remit at the SEC.”

Gensler had previously said that without regulation, the crypto industry will not be able to gain public confidence, and rules are necessary for digital assets to survive. At the same time, he noted that the prohibition of cryptocurrencies is the prerogative of Congress, not his agency. 

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