On September 15, Gensler announced that the SEC was in the process of developing a set of rules to oversee cryptocurrency markets, while also balancing the interests of US innovators. He further criticized Coinbase for failing to register as a securities trading platform, stating that it would be prosecuted as an unregulated security.
On September 21, several US investor protection groups wrote a joint letter urging Gensler to take stricter action in regulating the cryptocurrency industry, specifically with regards to stablecoins, crypto lending, and trading platforms. They also emphasized that stablecoins like USDC and Tether are similar to money market funds and could pose significant risks to investors.
On September 22, Gensler continued his push for regulation, likening stablecoins to poker chips in a casino and calling for the inclusion of digital currencies in the public policy framework. He also warned that crypto platforms supporting securities would be subject to SEC authorization and regulation.
While regulatory action from the SEC is not uncommon, Gensler's strong stance and expertise in blockchain technology have sparked speculation and market volatility within the cryptocurrency industry. Although cryptocurrencies' complex models and high cognitive costs have frustrated regulators in the past, the SEC's efforts have been supported by Gensler's unparalleled understanding of blockchain. This article was sourced from China Economic Net.