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USSEC seeks to clampdown on crypto exchanges with Senator Warren’s help

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The United States Securities and Exchange Commission Chairperson Gary Gensler is in the news currently. He is looking for support from Senator Elizabeth Warren for assistance in clamping down on crypto exchanges.

Gensler has stated similar motives in the past as well. He had continually alarmed people over different platforms in his tenure of four months. He told Senator Warren that regulators are in need of more resources to have any fair chance of protecting investors, in a letter on 5th August. In the letter, he was also of the opinion that legislators must permit watchdogs some extent of unequivocal power to amend various exchange rules. Defi trading venues should also come under this, according to him.

To reply to Senator Warren’s doubts about how to police the system, he said that they would need even more authorities to prevent slippage through regulatory loopholes. These cracks allow for transactions, platforms, and products to slip between them.

Gary Gensler was formerly an instructor on digital assets, in the prestigious Massachusetts Institute of Technology. The recent development of events had led to many crypto enthusiasts being disappointed with him. His desire to include the asset class under the vigilant eye of the government has caused much deep despair. In his letter, he specifically mentions his problems and doubts with regard to stablecoins. Senator Warren has echoed whatever Gary Gensler stated in the letters. She has shown an inclination towards more regulations and controls over digital assets. Calling cryptocurrency ‘the wild west’, she has urged for more stringent standardization practices.

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