The crypto world in its current form can “get punched in the gut” … once again

US Securities and Exchange Commission (SEC) Chairman Gary Gensler, who took office in April, gaveextended interview with Bloomberg.

He stated that he was "neutral" about theblockchain technology, but his attitude towards the protection of investors using these technologies cannot be called as neutral. He also asked Congress to provide additional powers for the oversight of crypto markets by the Securities and Exchange Commission (SEC).

Here are some quotes:

Our role as a government is to protect investors from fraud…

...there are some gaps in this space:we need more authority from Congress to prevent transactions, products and platforms from falling through the regulatory cracks. We also need more resources to protect investors in this growing and volatile sector…

...many tokens are traded as assets and must be subject to the jurisdiction of the SEC, which already has significant authority over digital assets…

...regulating cryptocurrency exchanges is the easiest way for governments to quickly crack down on digital token trading…

Many in the cryptosphere considered his performancepositive. This is probably due to the fact that there is a difference between banning it completely and allowing use, but according to SEC rules, the second is, of course, more positive. BUT! On the other hand, Gensler seems to have made it clear that tokens will simply be a new form of active assets, and this is not at all what current crypto traders and crypto investors in them like. Moreover, it is interesting that Gensler also expects to be squashed under regulation Various crypto platforms that provide peer-to-peer lending:

Quote:
If companies advertise a specific percentageprofitability of a crypto asset, this may result in their loans being subject to SEC supervision. Such platforms can be treated like mutual funds, allowing the SEC to regulate them.

Considering Grensler's idea through the prism of suchcontrol and regulation, it is not difficult to understand why he is not against the creation of ETFs for cryptocurrencies. But do not confuse current cryptocurrencies with those that will remain and modernize under the influence of regulation.