Gary Gensler asks for centralization of exchanges, asks them to "work with us"
Gary Gensler, the US Securities and Exchange Commission (SEC) Chairman, stated that it is impossible for cryptocurrency exchanges to operate outside regulatory oversight. He called on these crypto exchanges for mutual cooperation and peaceful existence within the boundaries of the law.
Gary Gensler at DACOM Summit
Gary Gensler was present in New York for the Digital Asset Compliance and Market Integrity (DACOM) Summit on Wednesday, where he discussed cryptocurrencies. He also talked about how some exchanges are flying under the radar. However, it is not possible for these exchanges to operate outside the jurisdictions of the law."If you think there's some reason that you can't quite register as a full exchange…work with us," Gensler said.Furthermore, the SEC chair explained that it is important for cryptocurrency exchanges to register with the SEC just like the traditional exchanges and operate within the regulations provided.
"I think a better path for these platforms, these exchanges and lending platforms, is to work to get registered within the law."At the Summit, Gary Gensler and the former SEC chair, Jay Clayton, were present where the current Chair said that cryptocurrencies do have a very productive future, to which the former Chair agreed. But, they also said that there is a lack of "environment of trust" prevalent in the industry.
Changing sides?
When the current SEC Chair, Gary Gensler, took the oath of office, the crypto community saw him as a pro-crypto leader. He formerly served as a co-director of Fintech@CSAIL and taught a blockchain course at the Massachusetts Institute of Technology.However, recent decisions taken by the SEC Chair prove to be otherwise. ETF issuers, as well as analysts, are very outspoken against the Chair because of his constant rejection of Bitcoin spot ETFs. While the SEC rejected VanEck's ETF recently, Canadian authorities have approved the first BTC ETF in the country by Fidelity.
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