Gary Gensler: Crypto market participants skillfully use loopholes in laws

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Chairman of the Securities CommissionUS securities and exchanges (SEC) insists on creating a single set of rules for cryptocurrencies, which will unite the efforts of all regulators and strengthen regulation of the industry.

Gary Gensler is confident thatParticipants in the cryptocurrency market skillfully take advantage of loopholes and imperfections in regulatory legislation. According to the official, the cause of the problem lies in the inconsistent position of federal authorities, which leads to fragmented regulation of the cryptocurrency industry.

The head of the SEC announced that he had begun work ona joint memorandum of understanding with the Commodity Futures Trading Commission (CFTC). The result should be a document that guarantees security to investors and cryptocurrency market participants.

“I'm talking about a single set of rules to protect investors from fraud and manipulation, and to ensure transparency in exchange trading,” Gensler said.

Recently Cardano co-founder Charles Hoskinson(Charles Hoskinson) stated at a hearing in the US Congress that the SEC and CFTC will not cope with the supervision of the cryptocurrency industry, and it can self-regulate by analogy with the banking industry.

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Earlier, Ripple Labs CEO Brad Garlinghouse called the SEC's actions against cryptocurrency companies in the country “inconsistent.”