Gary Gensler: Crypto companies should be regulated like the stock market

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Председатель Комиссии по ценным US Securities and Exchanges (SEC), speaking before the Financial Stability Oversight Council of the US Treasury (FSOC), said that the cryptocurrency market may well operate according to the rules applicable to the securities market.

Gary Gensler emphasized that, in his opinion, digital assets are too volatile and speculative, which exposes investors to great risk:

“It is important that cryptocurrency issuers, as well asother intermediaries worked according to clear rules. While the industry generally does not pose a threat to the traditional financial sector, we must be vigilant to prevent this from happening."

Gensler noted that FSOC was able to effectivelyidentify gaps in the regulation of the crypto industry and take into account the recommendations that the council published in its annual report. The FSOC recommended the adoption of bills that would give federal financial regulators the authority to oversee the non-securities spot market for crypto assets.

The official repeated calls for regulation of arbitrage, since companies offering crypto services similar to traditional financial institutions are not subject to the same regulation.

The SEC previously approved
nine new blockchain-enabled funds from WisdomTree. Neither fund reportedly tracks crypto assets independently.