SEC Chair Gary Gensler has been vocal and consistent about the need for regulation in the cryptocurrency space. He expressed concerns about the risks of digital asset investments, particularly in the areas of protecting customer money, preventing manipulative activities, and preventing fraud. Gensler has been credited for bringing a more forward-looking approach to the SEC’s approach to cryptocurrency and other digital assets, and recently warned Congress that “regulation is needed” in the space. Gensler’s comments have been viewed favorably by the cryptocurrency community, particularly in light of his background in digital asset markets and his strong support for the agency’s recent focus on digital assets. Gensler’s warnings and calls for tighter regulation have been met with applause from the wider cryptocurrency community as many see it as a positive step towards protecting depositing and instilling trust in the industry.
