SEC Chairman: Regulating Crypto Issuers and Intermediaries is Important

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The need to bring “intermediaries and issuers of crypto securities” into compliance has been emphasized by Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC).

Additionally, the Financial Stability Oversight Council (FSOC) of the U.S. Treasury Department has advised regulatory bodies to keep “enforcing existing rules and regulations applicable to the crypto-asset ecosystem.”

Gary Gensler, the chairman of the SEC, addressed the Financial Stability Oversight Council of the US Treasury Department on Friday and discussed the regulation of cryptocurrencies (FSOC).

This is why it’s crucial to bring middlemen and creators of cryptocurrency security tokens into compliance, he emphasized.

Gensler and the SEC have come under fire for failing to stop the collapse of the cryptocurrency exchange FTX, despite the fact that SEC staff members, including the chairman, met with the former CEO of FTX on numerous occasions (SBF).

Following his detention in the Bahamas last week, the securities watchdog officially accused Bankman-Fried and his cryptocurrency exchange with fraud.

The Financial Stability Oversight Council’s recommendations for cryptocurrency regulation

Additionally, the 2022 annual report of the Financial Stability Oversight Council was unanimously adopted on Friday.

Gensler stated in his remarks that he agreed with all of the FSOC report’s recommendations.

The Council stresses the significance of organizations continuing to enforce current laws and ordinances that are relevant to the ecosystem for cryptoassets.

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