The chair of the U.S. Securities and Exchange Commission (SEC) on Tuesday called on Congress to give the agency more authority to better police cryptocurrency trading, lending and platforms, a 'Wild West' he said is riddled with fraud and investor risk.
People exit the headquarters of the U.S. Securities and Exchange Commission in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew KellyWASHINGTON, Aug 3 - The chair of the U.S. Securities and Exchange Commission on Tuesday called on Congress to give the agency more authority to better police cryptocurrency trading, lending and platforms, a "Wild West" he said is riddled with fraud and investor risk.
Cryptocurrencies reached a record capitalization of $2 trillion in April as more investors stocked their portfolios with digital tokens, but oversight of the market remains patchy. He also called on lawmakers to give the SEC more power to oversee crypto lending, and platforms like peer-to-peer decentralized finance sites that allow lenders and borrowers to transact in cryptocurrencies without traditional banks.Democratic Senator Elizabeth Warren has been pressing regulators to get a grip on the market, which she described in a July letter to Gensler as "highly opaque and volatile.
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