SEC Wants to Enhance the Regulation of Crypto Exchanges And Stablecoin Issuers
The head of the US Securities and Exchange Commission (SEC), Gary Gensler, said he is considering increased regulation of stablecoin issuers and restrictions on cryptocurrency exchanges acting as custodians and market makers.
The head of the SEC believes that since cryptocurrency exchanges store the assets of their clients, it is necessary to protect these assets in the best possible way. Therefore, the employees of the department are considering the possibility of building the necessary mechanisms to achieve this goal, including the segregation of accounts.
Gensler noted that the issuers of the top three stablecoins are trading or lending platforms, two of which are not directly redeemable by US retail investors. Because of this, there are conflicts of interest and market integrity issues that can be addressed through increased oversight.
Earlier, Gensler said that the regulator intends to introduce new rules for regulating the activities of cryptocurrency exchanges by the end of 2022.
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