Chairman Gary Gensler of the US Securities and Exchange Commission reiterated the need for regulation of the cryptocurrency market. He did this in an interview at the Code Conference in Beverly Hills.
According to Gensler, it is precisely when there is more supervision that crypto are more likely to succeed. Then they can no longer be used for money laundering or tax evasion, for example.
“This is not going to end well if they stay outside the regulated playing field,” warned the SEC top man. As an example, he cited the car. It benefited from the introduction of traffic lights, stop signs and traffic officers.
The comparison is not ideal though.
Gensler’s words were not very surprising. Early this month, he said similar things in an interview with the Financial Times.
“If platforms are to be relevant in five to ten years, they need to be regulated. Ultimately, the financial world is about trust.”