November 15, 2021

SEC’s Gensler seeks new powers to regulate ‘Wild West’ crypto markets

Cryptocurrencies updates

Gary Gensler, the chair of the US Securities and Exchange Commission, has called on Congress to give financial regulators additional powers to protect investors in “Wild West” cryptocurrency markets that are “rife with fraud, scams and abuse”.

Gensler was scheduled to speak on Tuesday before the Aspen Security Forum as US authorities scramble to respond to the explosive growth of the crypto market, which he said has a purported value of about $1.6tn, with 77 tokens worth at least $1bn each.

Gensler said in his prepared remarks that he saw few signs crypto assets were catching on as a medium of exchange, apart from their use in ransomware attacks or “to skirt our laws with respect to anti-money laundering, sanctions, and tax collection”.

He suggested that…

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