Crypto-fraud poses great threats both to ordinary citizens and to the economy as a whole. Therefore, the authorities need to develop a mechanism for effective control over all processes taking place in the industry, said Gary Gensler, chairman of the Securities and Exchange Commission (SEC).
He has repeatedly advocated for a regulatory framework for the crypto market. This week, Gary Gensler, speaking before the House Financial Services Committee, reiterated the need for greater oversight of the industry.
This time, however, he noted the growing scale of fraud amid the popularity of digital currencies. The SEC can fight crime in this area, but the regulator will need additional funding. The funds need to be allocated as early as next year, stressed Gensler.