SEC Chairman Says Crypto Should Be Treated Same as Other Capital Markets

On August 19th, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, wrote a media opinion piece on how should regulate crypto assets.

 Kinsler argued that although digital currencies use different technologies, there is no need to treat them differently. As far as the SEC is concerned, most digital currencies are positioned as securities, which deserve to be regulated by the SEC for compliance.

 In this regard, the SEC chief explained that some crypto lending platforms have frozen investor accounts or even gone bankrupt after the recent turmoil in the crypto market. When it comes to platform bankruptcies, these investors have to get in line at court. Therefore, crypto companies must comply with securities laws. At the same time, Kinsler also raised his expectations for the SEC to act as a car seat belt or as a police officer to protect investors.

 Miles Guo has mentioned several times in previous broadcasts that there is bound to be a great deal of opposition to the digital currency era as it moves forward into human society. The SEC, as the defender of the US dollar hegemony, regulates digital currencies to make them more compliant and to protect investors, which will assist in the moving forward of cryptocurrencies. However, the absence of any form of centralized regulation that fully matches the decentralized blockchain and quantum technology-supported digital currencies has the potential to make digital currencies experience further twists and turns.