The chairman of the US SEC, Gary Gensler, will appear before the Senate committee today to say that crypto exchanges may have to register as securities exchanges.
Gensler believes that the current crypto industry doesn’t operate within a regulatory framework, meaning investors aren’t protected.
In the past, Gensler said that the regulator was prepared to take on cases that involved crypto. He also wrote a letter to Senator Elizabeth Warren this summer in which he pointed out that digital asset investors don’t receive proper protection.
At the same time, he confessed that the SEC can’t be responsible for regulating crypto and asked Congress to do so.