The chair of the Securities and Exchange Commission, Gary Gensler, has repeatedly warned that cryptocurrencies must be regulated to protect investors. On Thursday he took a big step toward that goal, saying he will work with Congress to help create legislation that would increase crypto oversight.
Mr. Gensler doubled down on the need for regulation, saying crypto start-ups wouldn’t prosper without it. “Detroit would not have taken off without some traffic lights and cops on the beat,” he said.
His speech immediately prompted outcry from the crypto community, which sees great potential in digital currencies precisely because they are decentralized.
‘Enforcement 40’ for 2020
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