{"id":6065,"date":"2022-07-31T22:14:37","date_gmt":"2022-07-31T22:14:37","guid":{"rendered":"https:\/\/fatburningcoffeetrick.com\/?p=6065"},"modified":"2022-07-31T22:14:37","modified_gmt":"2022-07-31T22:14:37","slug":"sec-chairman-publishes-video-outlining-plan-to-regulate-crypto-trading-platforms","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6065","title":{"rendered":"SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has published a video explaining how the agency plans to regulate crypto exchanges. \u201cI\u2019ve asked our staff to work directly with the platforms to get them registered and regulated,\u201d the SEC chief revealed.<\/strong><\/p>\n<h2>SEC Chairman Gary Gensler\u2019s Video About Regulating Crypto Exchanges<\/h2>\n<p>U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler published a video Thursday explaining how the securities watchdog plans to regulate crypto exchanges and provide investor protection.<\/p>\n<p>Gensler explained in the video the similarities and differences between crypto trading platforms and traditional exchanges like the New York Stock Exchange (NYSE). \u201cWhen you trade on a stock market, you have certain protections,\u201d he began, adding that investors are \u201cprotected against fraud, manipulation, running, and the like.\u201d<\/p>\n<p>Noting that crypto platforms serve \u201cmillions, sometimes tens of millions\u201d of retail customers who are directly buying and selling crypto assets without going through a broker, the SEC chairman detailed: \u201cWith so many retail customers trading on crypto platforms, we should make sure that those platforms offer similar protections\u201d to traditional security platforms. He added:<\/p>\n<p>So I\u2019ve asked our staff to work directly with the platforms to get them registered and regulated to ensure that those crypto tokens come in as well and register where appropriate as securities.<\/p>\n<p>\u201cImagine handing over all of your stock to the New York Stock Exchange, that would never fly,\u201d he noted, reiterating: \u201cThus, I\u2019ve asked staff how to work with platforms to best ensure your assets are protected.\u201d<\/p>\n<p>Gensler then brought up another risk factor inherent to crypto exchanges. \u201cUnlike traditional securities exchanges, crypto trading platforms also may act as market makers,\u201d he described. \u201cWhen you sell your tokens, one of the platforms may actually be buying on the other side,\u201d the SEC chairman stressed, elaborating:<\/p>\n<p>Stock exchanges don\u2019t do this, they don\u2019t serve as their own market makers because that creates inherent conflicts of interest.<\/p>\n<p>\u201cThus again, I\u2019ve asked staff to consider whether it would be appropriate to segregate out the market-making functions on these crypto platforms,\u201d he said.<\/p>\n<p>In conclusion, the SEC chairman stressed: \u201cThere\u2019s no reason to treat the crypto market differently just because a different technology is used. That would be like saying drivers of electric cars don\u2019t need seat belts because they don\u2019t use gas.\u201d<\/p>\n<p>He also tweeted Thursday: \u201cWe have rules in our capital markets to safeguard market integrity &amp; protect against fraud &amp; manipulation. If a company builds a crypto market that protects investors &amp; meets the standard of our market regulations, people will more likely have greater confidence in that market.\u201d<\/p>\n<\/p>\n<p>Gensler\u2019s video received some criticism on Twitter. Some people accuse Gensler of spending time and resources promoting himself instead of doing his job regulating the crypto sector. Others slammed the SEC for using an enforcement-centric approach to regulating crypto assets.<\/p>\n<p>Congressman Bill Huizenga (R-MI) tweeted to Gensler, \u201cThe SEC should stop using regulation by enforcement to provide \u2018clarity\u2019 in the marketplace,\u201d elaborating:<\/p>\n<p>No exchange wants to \u2018come in and register\u2019 without knowing what those market regulations are.<\/p>\n<p>Last week, the regulator charged a former Coinbase employee in an insider trading case, naming nine crypto tokens as securities in the process.<\/p>\n<p><em><strong>What do you think about the video by SEC Chairman Gary Gensler on regulating crypto exchanges? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/sec-chairman-publishes-video-outlining-plan-to-regulate-crypto-trading-platforms\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has published a video explaining how the agency plans to regulate crypto exchanges. \u201cI\u2019ve asked our staff to work directly with the platforms to get them registered and regulated,\u201d the SEC chief revealed. SEC Chairman Gary Gensler\u2019s Video About Regulating Crypto Exchanges U.S. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-6065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6065"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6065\/revisions"}],"predecessor-version":[{"id":6067,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6065\/revisions\/6067"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6066"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}