Gary Gensler, who is the head of the Securities and Exchange Commission (SEC), has repeatedly stated the need for the gradual implementation of legislation governing relations in the cryptocurrency industry.
According to Gensler, the regulatory framework will ensure the protection of investors and the transparency of transactions in this segment of the economy. Only through crypto regulation will we be able to combat the criminal use of bitcoin and other digital assets.
The head of the SEC recalled that the market capitalization has already exceeded $ 2 trillion. Its importance will increase dramatically over the next 5-10 years. The authorities are wary of the decentralized nature of cryptocurrencies.
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The lack of brokers and intermediaries makes it difficult to control the industry. First of all, this applies to the DeFi market, and the authorities will have to develop an effective mechanism to control it.
Gensler also noted: "It is wrong to call cryptocurrencies simply software that is hosted on the internet. But they are not centralized like the New York Stock Exchange."