SEC Chief Gary Gensler is once again in the news for all the wrong reasons. The last time the head of the biggest regulator in the USA was in the media, he was grilled for his suspicious association with the head of a regulated exchange called FTX.
However, the current press conference held by the SEC Chair was to clear his position on the statement about banning cryptocurrencies.
During the meeting, he claimed that all the efforts of the regulators are geared towards protecting the interests of investors.
He also explained that by leveraging the tools available at the disposal of the financial regulator the federal agency is ready to comply with the regulations and is working on ensuring absolute compliance.
SEC Aims to Regulate the Cryptocurrency Sector
It is important to note that the cryptocurrency community was offended on account of rumors that Gensler had been interfering in the sector. He had been purported to claim that only a few tokens possess approved middlemen.
However, he has also expressed concerns that there is no SOP or professional guidelines to resolve business conflicts for DeFi firms.
He recently told the media that the SEC is on a mission to use every resource available at its disposal. He addressed the stakeholders and told them that the firm has been interviewing different crypto enterprises.
He compared cryptocurrency firms with casinos and emphasized the need to make them regulatory compliant.
Talking to the media, Gensler said that the cryptocurrency sector needs time-tested regulations and laws to ensure protection for investors. The recent backlash on the SEC Chief started when he waged a new war on the cryptocurrency sector talking about the staking option that lets investors earn yield rewards.
To this end, SEC has also drawn up a contract with Kraken that resulted in the exchange disabling all its staking services.
Talking about the matter, he said that Kraken was found out of the regulatory circle and explained that the settlement was part of the regulatory contract with the cryptocurrency enterprise.