According to Gary Gensler, the head of the Securities and Exchange Commission (SEC), the agency is responsible for protecting both retail and institutional investors from fraud and manipulation, including in digital asset markets.
He has said in a conversation with the CNBC that the regulator is ready for a constructive dialogue with exchanges. He has stressed out that one of the most important tasks of the SEC is to protect users of platforms offering services related to digital assets.
In this regard, he said that a lot of cryptocurrency exchanges and landing platforms are “in a borderline position” because they are dealing with unregistered securities. He added:
“They should contact us, establish a dialogue. Many of them are trying to say, ‘You know, we are not going to take the first step’.”
According to him, Bitcoin as well as other crypto assets are speculative assets, and while the regulator is not against them, its duty is to provide “basic protection” for investors.