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Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), who attended a conference held at Georgetown University Law School today, continued to talk about the crypto money market, which has been the focus of attention recently. The SEC Chairman noted that stablecoins Tether and USDC are used to facilitate transactions between cryptocurrencies such as Bitcoin (BTC) and the leading altcoin Ethereum (ETH).

Gary Gensler stated that altcoin market needs to be regulated and warns investors

SEC Chairman Gary Gensler repeated his view that “some altcoins have security status,” which he expressed in his previous speeches. Gary Gensler stated that if they move from here, such altcoin projects must comply with the regulations of the SEC. According to the SEC Chairman, there are products in the crypto money industry and stock markets that require review by the Federal Deposit Insurance Fund and the FED. Meanwhile, Gary Gensler, reminding that the Joe Biden government is preparing a legal regulation on stablecoins, warned investors about crypto money:

In fact, many stablecoins are not publicly owned. These cryptocurrencies belong to the platforms themselves. Therefore, there is only a credit relationship between investors and the stock market. Regulators cannot ignore this. Therefore, regulators need to take this into account in order to protect financial stability and investors.

Cryptocoin. com

As you can follow from the news , the crypto market is also on the agenda in the USA, which is China’s rival, in the days when crypto money bans are spoken in China. There has been a discussion about stablecoins in recent days, and concerns have been expressed in official institutions that stablecoins may pose a risk to financial stability. Accordingly, the Joe Biden government is expected to publish a report on the risks of the crypto market, measures to be taken and investor protection shortly.


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