Gary Gensler has proposed separating custody from market-making services to make it possible to regulate exchanges crypto
The Wall Street Journal reports.
The SEC will work together with the Commodity Futures Trading Commission in order to rein in crypto trading platforms that allow their users to trade both commodities and securities, as per the report. Gensler argues that cryptocurrency exchanges function similarly to traditional exchanges, which is why they have to face the same level of scrutiny.Hence, the SEC is focused on extending investor protections to crypto trading platforms.
Gensler has also noted that crypto exchanges take custody of their customers’ assets. Hence, he proposed to separate custody from trading to make it safer to store digital assets on exchanges. About the authorAlex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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