U.S. SEC Chairman: Regulators should be ready to prosecute bad actors in crypto and other areas

Federal agencies are proposing to upgrade their cryptocurrency regulatory efforts

U.S. SEC Chairman: Regulators should be ready to prosecute bad actors in crypto and other areas

On Thursday, SEC Chairman Gary Gensler said at the 2021 FINRA Annual Meeting that federal financial regulators should be “prepared to prosecute” bad actors in cryptocurrencies and other emerging technologies.

Gary Gensler said earlier today that crypto exchanges need more regulation and that the public would benefit from more SEC protection for investors on crypto exchanges.

Gensler told FINRA conference attendees, “As we continue to keep up with these developments, the SEC and FINRA should be prepared to bring cases involving issues such as crypto, cyber and fintech.”

He emphasized investor protection in his brief remarks.

Gensler said, “We need to do everything we can to ensure that bad actors don’t squander the savings of working families and enforce these regulations aggressively and consistently.”

Federal agencies are proposing to upgrade their cryptocurrency regulatory efforts, with the IRS requiring businesses to disclose high-value transactions and requiring a review of cryptocurrency-friendly banking policies.

Gensler said regulators should be prepared to go after deceptive private equity funds, accounting fraud, insider trading and a host of other potential regulatory pitfalls that ripple throughout the capital markets.

His comments may reinforce the view that protecting investors was the SEC’s top priority during the Biden administration, especially when it came to crypto.

Perhaps more telling is the SEC’s May 11 warning to mutual fund investors who trade bitcoin futures. The memo, while not containing any allegations of fraud, highlighted the enormous volatility of bitcoin and directed SEC staff to consider suspicious activity in the space.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/u-s-sec-chairman-regulators-should-be-ready-to-prosecute-bad-actors-in-crypto-and-other-areas/
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