SEC chief to address Senate on cryptocurrency regulation

SEC head Gensler to address the Senate on cryptocurrency regulation

Gary Gensler continues to insist that cryptocurrency should be subject to the same laws as securities

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler will meet with the Senate Banking Committee on Sept. 12 to once again argue that the agency should regulate the cryptocurrency industry, The Block writes.

Gensler, even after a series of SEC litigation setbacks, continues to insist that cryptocurrency should be subject to the same laws as securities, particularly stocks, the publication writes.

"Given the cryptocurrency industry's widespread failure to comply with securities laws, it's not surprising that we've seen a lot of problems in these markets. This is reminiscent of what we saw in the 1920s before the federal securities laws were enacted," The Block quoted Gensler as saying in a statement prepared ahead of the speech.

The SEC chief also noted that the commission has already taken a number of steps, particularly judicial ones, to hold offenders accountable and protect investors.

Earlier, Gary Gensler expressed alarm over fraud in the crypto markets. Crypto investors cannot rely on the SEC for protection, he noted.