Crypto regulations in the US are getting more and more popular day by day.
Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), commented on crypto exchanges. Gensler is worried that cryptocurrency exchanges could be qualified stewards.
Gary Gensler Says Crypto Exchanges May Not Be “Qualified Responsibles”
In 2022, many bankruptcies in the crypto money sector and the sector’s dark days increased the regulation voices. However, the issue of regulations has become even more controversial in the USA. Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said crypto exchanges may not be qualified custodians.
Speaking at the Investor Advisory Committee meeting, the SEC chairman used the following statements in his statements:
“Just because a crypto trading platform claims to be a qualified guardian does not mean it is. Due to how crypto trading and lending platforms generally work, investment advisors today cannot count on them as qualified guardians. To be clear: Just because a crypto trading platform claims to be a qualified custodian does not mean it is.”
Gensler added that a recently proposed rule directing investment advisors to seek qualified guardians for the storage of assets, including cryptocurrencies, is a significant enhancement to existing protection rules.
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