SEC Chair Gary Gensler wrote to Senator Elizabeth Warren agreeing that the cryptocurrency ecosystem needs additional regulatory oversight.
Warren has agreed to help the SEC boss with his plight of establishing a central authority in the crypto industry.
US Securities and Exchange Commission (SEC) Chair Gary Gensler and Senator Elizabeth Warren have joined forces in seeking regulatory clarity over the cryptocurrency industry. Gensler wrote to Elizabeth in a letter dated Aug. 5 saying:
“Right now, I believe investors using these platforms are not adequately protected.”
Of note, Gensler’s letter was in response to a July 7 request by the Massachusetts Democrat seeking cryptocurrencies’ regulatory clarity. She urged the agency to address the volatile digital currency markets and determine what actions Congress should take.
Additionally, the letter follows the approval of the Portman amendment which contains new tax-reporting requirements for crypto brokers. With the new require
