SEC boss says cryptocurrency can’t last long outside of regulation: ‘Finance is about trust’
Gensler said that while his agency has taken and will continue to take its regulatory authorities over digital assets “as far as they go,” there still remain regulatory gaps.
“We need additional congressional authorities to prevent transactions, products, and platforms from falling between regulatory cracks,” he said.
Cryptocurrencies such as Bitcoin respond poorly to talk of regulation. Bitcoin hit all-time highs earlier this year, but it then took a nosedive after China began cracking down on mining operations and increased cryptocurrency regulations. Since then, the value of cryptocurrency has been steadily increasing, with Bitcoin recently hitting $50,000 for the first time in months.
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