{"id":470820,"date":"2021-09-04T23:00:24","date_gmt":"2021-09-04T23:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=470820"},"modified":"2021-09-04T10:58:10","modified_gmt":"2021-09-04T10:58:10","slug":"crypto-needs-regulation-to-survive","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-needs-regulation-to-survive\/","title":{"rendered":"Crypto Needs Regulation If It\u2019s Going To Survive, Says SEC Boss"},"content":{"rendered":"

The Chairman of the Securities and Exchange Commission (SEC) has called for the crypto space to work with regulators. The Financial Times reported that Chairman Gary Gensler had asked Congress to empower his agency so they will be better able to govern the market. It is still not clear yet which agency has oversight of the cryptocurrency industry, as regulators mainly classify bitcoin as more of a commodity than it is a security.<\/p>\n

Related Reading |\u00a0Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End<\/a><\/strong><\/em><\/p>\n

It is estimated that less than 10% of the world currently knows about crypto. But nevertheless, it is still a large enough number that has prompted regulators to start looking into ways of properly regulating these digital assets. It is no longer just retail investors who are trying to make some quick profit on highly volatile markets. Institutional investors have also thrown their hat in the ring, like in the case of Michael Saylor\u2019s MicroStrategy<\/a>.<\/p>\n

Finance Is About Trust<\/h2>\n

Gensler believes that if the market is to grow, then it needs to embrace regulation. The SEC chairman explained that regulation would provide trust in the market, which is important if the market does not want to become irrelevant over time. \u201cFinance is about trust, ultimately,\u201d Gensler said. Gensler\u2019s focus is mostly on trading platforms, given that this is where the majority (~95%) of activities in the crypto market are carried out.<\/p>\n

Related Reading |\u00a0Here\u2019s How Much Your $1,200 Stimulus Check Would Be Worth In Various Cryptocurrencies In 2021<\/a><\/strong><\/em><\/p>\n

Gensler had earlier suggested that crypto platforms register with the Securities and Exchange Commission (SEC). This was met with disdain from investors who do not want governmental control over cryptocurrencies. But Chairman Gray Gensler has again urged these platforms to register with regulations. \u201cTalk to us, come in,\u201d said Gensler.<\/p>\n

\u201cThere are a lot of platforms that are in operation today that would do better engaging and instead there is a bit of begging for forgiveness, rather than asking for permission.\u201d<\/p>\n

Related Reading | Only In Crypto: A Croissant Breaks Down How GameStop & NFTs Will Boost Ethereum<\/a><\/strong><\/em><\/p>\n

There have been crackdowns going on in the crypto space on exchanges. Most prominent of these have been the crackdowns on Binance<\/a> by various countries. BlockFi locked in a regulatory showdown down with three states<\/a>, and most recently, Uniswap being investigated by the SEC<\/a>.<\/p>\n

Crypto Market Will Benefit From Regulation<\/h2>\n

Regulation may not be an easy topic in crypto, but it does not make it any less important. Exchanges already realize that if they wish to grow in the long-term, they are going to have to work with regulators.<\/p>\n

To this end, Sam Bankman-Fried, CEO and co-founder of FTX exchange, said in an interview that he was taking regulation \u201cextremely seriously.\u201d The CEO believes that working with regulators will ensure the survival of the industry. Adding in that exchanges working with regulators will ensure that the rules being created do not harm the market, \u201ckilling the use for it in the first place.\u201d<\/p>\n

Related Reading |\u00a0 New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course<\/a><\/strong><\/em><\/p>\n

It is still not clear where most crypto products fall when it comes to regulatory practices. But Gensler believes decentralized finance platforms fall under the purview of the SEC. \u201cIt doesn\u2019t matter whether it\u2019s a stock token, a stable-value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities,\u201d Gensler said to the Aspen Security Forum. \u201cThese products are subject to the securities laws and must work within our securities regime.\u201d<\/p>\n

\"Crypto<\/p>\n

Crypto total market cap finds comfortable position above $2 trillion | Source: Crypto Total Market Cap on TradingView.com<\/a><\/pre>\n
Featured image from Reuters, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
The Chairman of the Securities and Exchange Commission (SEC) has called for the crypto space to work with regulators. The Financial Times reported that Chairman Gary Gensler had asked Congress to empower his agency so they will be better able to govern the market. It is still not clear yet which agency has oversight of the cryptocurrency industry, as regulators mainly classify bitcoin as more of a commodity than it is a security. Related Reading |\u00a0Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End It is estimated that less than 10% of the world currently knows about crypto. But nevertheless, it is still a large enough number that has prompted regulators to start looking into ways of properly regulating these digital assets. It is no longer just retail investors who are trying to make some quick profit on highly volatile markets. Institutional investors have also thrown their hat in the ring, like in the case of Michael Saylor\u2019s MicroStrategy. Finance Is About Trust Gensler believes that if the market is to grow, then it needs to embrace regulation. The SEC chairman explained that regulation would provide trust in the market, which is important if the market does not want to become irrelevant over time. \u201cFinance is about trust, ultimately,\u201d Gensler said. Gensler\u2019s focus is mostly on trading platforms, given that this is where the majority (~95%) of activities in the crypto market are carried out. Related Reading |\u00a0Here\u2019s How Much Your $1,200 Stimulus Check Would Be Worth In Various Cryptocurrencies In 2021 Gensler had earlier suggested that crypto platforms register with the Securities and Exchange Commission (SEC). This was met with disdain from investors who do not want governmental control over cryptocurrencies. But Chairman Gray Gensler has again urged these platforms to register with regulations. \u201cTalk to us, come in,\u201d said Gensler. \u201cThere are a lot of platforms that are in operation today that would do better engaging and instead there is a bit of begging for forgiveness, rather than asking for permission.\u201d Related Reading | Only In Crypto: A Croissant Breaks Down How GameStop & NFTs Will Boost Ethereum There have been crackdowns going on in the crypto space on exchanges. Most prominent of these have been the crackdowns on Binance by various countries. BlockFi locked in a regulatory showdown down with three states, and most recently, Uniswap being investigated by the SEC. Crypto Market Will Benefit From Regulation Regulation may not be an easy topic in crypto, but it does not make it any less important. Exchanges already realize that if they wish to grow in the long-term, they are going to have to work with regulators. To this end, Sam Bankman-Fried, CEO and co-founder of FTX exchange, said in an interview that he was taking regulation \u201cextremely seriously.\u201d The CEO believes that working with regulators will ensure the survival of the industry. Adding in that exchanges working with regulators will ensure that the rules being created do not harm the market, \u201ckilling the use for it in the first place.\u201d Related Reading |\u00a0 New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course It is still not clear where most crypto products fall when it comes to regulatory practices. But Gensler believes decentralized finance platforms fall under the purview of the SEC. \u201cIt doesn\u2019t matter whether it\u2019s a stock token, a stable-value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities,\u201d Gensler said to the Aspen Security Forum. \u201cThese products are subject to the securities laws and must work within our securities regime.\u201d Crypto total market cap finds comfortable position above $2 trillion | Source: Crypto Total Market Cap on TradingView.com Featured image from Reuters, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":470821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[84201,6664,1558,16539,3799,84202],"class_list":["post-470820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-crypt-regulation","tag-crypto","tag-cryptocurrency","tag-gary-gensler","tag-sec","tag-sec-chairman"],"acf":[],"yoast_head":"\nCrypto Needs Regulation If It\u2019s Going To Survive, Says SEC Boss<\/title>\n<meta name=\"description\" content=\"The Chairman of the Securities and Exchange Commission (SEC) has called for the crypto space to work with regulators. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Needs Regulation If It\u2019s Going To Survive, Says SEC Boss","url":"http:\/\/wncen.com\/news\/crypto-needs-regulation-to-survive\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/crypto-needs-regulation-to-survive\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/gary-gensler-scaled.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/gary-gensler-scaled.jpeg?fit=2560%2C1707"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypt regulation","crypto","cryptocurrency","gary gensler","sec","sec chairman"],"dateCreated":"2021-09-04T23:00:24Z","datePublished":"2021-09-04T23:00:24Z","dateModified":"2021-09-04T23:00:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Needs Regulation If It\\u2019s Going To Survive, Says SEC Boss\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-needs-regulation-to-survive\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-needs-regulation-to-survive\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/gary-gensler-scaled.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/gary-gensler-scaled.jpeg?fit=2560%2C1707\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypt regulation\",\"crypto\",\"cryptocurrency\",\"gary gensler\",\"sec\",\"sec chairman\"],\"dateCreated\":\"2021-09-04T23:00:24Z\",\"datePublished\":\"2021-09-04T23:00:24Z\",\"dateModified\":\"2021-09-04T23:00:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/gary-gensler-scaled.jpeg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=470820"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/470821"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=470820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=470820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=470820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}