? The U.S. Securities and Exchange Commission (SEC) will increase pressure on the cryptocurrency market. SEC Chairman Gary Gensler said this in an interview with The Washington Post. According to him, the cryptocurrency business does not meet the regulator and does not rush to meet the requirements. The lack of understanding will only make the situation worse, he believes.
? “My real fear is that enforcement initiatives [by the SEC against the crypto business] will continue and that’s the problem. The problem will affect credit and trading platforms, and frankly, when the crackdown starts, a lot of people are going to get hurt,” Gensler said.
? The head of the SEC did not specify which platforms could be hit. However, he stressed that many services offer to buy, sell and store hundreds if not thousands of tokens that have the characteristics of securities. Gensler urged cryptocurrency businesses to register in accordance with the regulator’s requirements to avoid penalties.
? Moreover, he also said that the SEC clearly needs to expand its powers. However, Gensler failed to clearly explain why the exchange regulator needs more monopoly over cryptocurrency regulation.
? Coinbase, the largest cryptocurrency platform in the U.S., has already suffered from the regulator’s aggressive policy. The company reported that the SEC threatened tq with legal action if it launched its credit service Coinbase Lend. In particular, the regulator was embarrassed by the passive earnings that Coinbase was preparing to provide to customers in the form of 4% per annum on deposits in Stablecoin. At the same time, the regulator itself, according to the exchange, did not explain the reason for the ban.
? In an interview with The Washington Post, Gensler called Stablecoin “casino poker chips.