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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.