Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 27/09/2021 09:30 
04.08.2021 17:41 News >> US Watchdog Head Seeks More Power From Congress To Regulate Cryptos

US Watchdog Head Seeks More Power From Congress To Regulate Cryptos

Gary Gensler of SEC calls crypto market 'Wild West,' stressing fraud, scams, abuse, hype, spin.

The head of the US Securities and Exchange Commission (SEC) on Tuesday asked Congress for more power to regulate fast-growing cryptocurrencies and their market.
"Certain rules related to crypto assets are well-settled ... we have taken and will continue to take our authorities as far as they go," Gary Gensler said in a speech at the Aspen Security Forum, an annual three-day foreign policy conference in Colorado.
"There are some gaps in this space, though: We need additional Congressional authorities to prevent transactions, products, and platforms from falling between regulatory cracks. We also need more resources to protect investors in this growing and volatile sector," he added.
Noting that crypto assets revolve around speculative investment, Gensler said they have not been used much as a unit of account and that no single crypto asset fulfills all the functions of money.
Gensler, who taught classes in digital currencies, blockchain and financial technology at the Massachusetts Institute of Technology (MIT) before leading the SEC, said the watchdog does not have enough investor protection in the crypto market, calling it "like the Wild West."
"This asset class is rife with fraud, scams, and abuse in certain applications," he explained.
"There's a great deal of hype and spin about how crypto assets work. In many cases, investors aren't able to get rigorous, balanced, and complete information. If we don't address these issues, I worry a lot of people will be hurt."
The SEC head also noted that there are 77 digital tokens worth at least $1 billion each, as of Monday, and 1,600 with at least a $1 million market capitalization.
Since hitting an all-time high of $64,374 in mid-April, the world's largest cryptocurrency Bitcoin has since lost around half of its value and was trading near $38,000 on Wednesday. During that time, the total market size of the crypto market fell to $1.47 trillion from almost $2.5 trillion. -



        Latest News
Diary 6 minutes ago...
Here are the main topics Anadolu Agency's English Desk plans to cover on Monday, Sept. 27, 2021.
Officials In South Sudan Report Spike In Malaria, Pneumonia Cases 6 minutes ago...
Situation alarming especially in primary health centers as facilities run out of drugs, official says.
East Africa Pins Hopes On Intra-Regional, Domestic Tourism 6 minutes ago...
Governments should put aside political differences, make travel within region easier, say experts.
At Least 12 People Killed In Houthi Attack In NW Yemen: Media 6 minutes ago...
Local authorities condemn 'heinous crime' committed by Iranian backed Houthi militias in Hajjah province.
Germany's Social Democrats Win Most Seats In Election 21 minutes ago...
Preliminary election results show SPD winning national elections but falling short of majority in parliament.

 
      Top News
Turkey's Largest Technology Event Teknofest Ends Turkey's Largest Technology Event Teknofest Ends
Pakistan Allows Afghan Airline To Operate Islamabad-Kabul Flights Pakistan Allows Afghan Airline To Operate Islamabad-Kabul Flights
Tanzania's Milk Program Boosts Children's Health, Class Attendance Tanzania's Milk Program Boosts Children's Health, Class Attendance
Tourism Shredded By Coronavirus In Zimbabwe Tourism Shredded By Coronavirus In Zimbabwe
Anadolu Agency's Morning Briefing - Sept. 26, 2021 Anadolu Agency's Morning Briefing - Sept. 26, 2021
Blast Targets Taliban Patrol Team In Eastern Afghanistan: Report Blast Targets Taliban Patrol Team In Eastern Afghanistan: Report
Global Fossil Fuel Subsidies Totaled $6T In 2020: IMF Head Global Fossil Fuel Subsidies Totaled $6T In 2020: IMF Head
US Fed Chair Says Supply Chain, Labor Issues Under Virus Unprecedented US Fed Chair Says Supply Chain, Labor Issues Under Virus Unprecedented
US Treasury Facilitates Humanitarian Assistance In Afghanistan US Treasury Facilitates Humanitarian Assistance In Afghanistan
Hamas Calls For Protection Of Palestinian Assets In Sudan Hamas Calls For Protection Of Palestinian Assets In Sudan