Crypto regulations in the US are getting more and more popular day by day.
U.S. Securities and Exchange Commission ( SEC) head Gary Gensler 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. U.S. Securities and Exchange Commission ( SEC) chairman Gary Gensler said that crypto exchanges may not be qualified stewards.
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.”
gensHe added that a recently proposed rule directing investment advisors to seek qualified guardians for the storage of assets, including cryptocurrencies, has made significant improvements to existing protection rules.
