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Crypto Market Won’t ‘Last Long Outside’ Regulatory Framework, Gensler Says

Platforms should be “asking for permission” rather than “begging for foregiveness,” the SEC chair said.

Sep 1, 2021 at 9:50 a.m. UTC
Updated Sep 1, 2021 at 8:20 p.m. UTC

The crypto market may struggle to survive in the U.S. outside the country’s regulatory framework, according to U.S. Securities and Exchange Commission Chair Gary Gensler.

  • The industry’s future in five to 10 years lies “within a public policy framework,” Gensler said in an interview with the Financial Times Wednesday.
  • “History just tells you, it doesn’t last long outside. Finance is about trust, ultimately,” the SEC chair said.
  • Gensler reiterated his desire for crypto trading platforms to register with the SEC because a number of cryptocurrencies can be deemed as securities. “Talk to us, come in,” he said.
  • “There are a lot of platforms that are in operation today that would do better engaging. Instead there is a bit of ... begging for forgiveness rather than asking for permission.”
  • Gensler has said previously that he is weighing up more robust regulation of the crypto market, dampening hopes held by many in the industry that his interest in the space may lead to a rather hands-off regulatory approach.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Jamie Crawley is a CoinDesk news reporter based in London.

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