SEC Chairman Gary Gensler says more investor protections are needed for bitcoin and crypto markets
The new head of the Securities and Exchange Commission said Friday that more investor protections were needed in the markets for bitcoin and other crypto assets.
Gary Gensler said on CNBC’s “Squawk Box” that he saw the attraction to bitcoin for traders but that regulation was needed to prevent fraud and other issues.
“It’s a digital, scarce store of value, but highly volatile,” Gensler said, talking about bitcoin specifically. “And there’s investors that want to trade that, and trade that for its volatility, in some cases just because it is lower correlation with other markets. I think that we need greater investor protection there.”
Gensler later qualified that he believed bitcoin was a “speculative” store of value and that the SEC should be “technology neutral” when it comes to new innovations in markets.
Bitcoin and other cryptocurrencies have boomed since late last year, fueled by