“This asset class is rife with fraud, scams and abuse in certain applications,” he told the Aspen Security Forum. “We need additional congressional authorities to prevent transactions, products and platforms from falling between regulatory cracks.”
Gensler suggested Congress should be prioritizing granting financial regulators clear oversight of crypto trading, lending, and peer-to-peer decentralized finance (DeFi) sites that allow lenders and borrowers to transact in cryptocurrencies without traditional banks.
“If we don’t address these issues, I worry a lot of people will be hurt,” he warned.
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