the president of United States Securities and Exchange Commission (SEC)Gary Gensler, said that the companies that help facilitate transactions in the stock market. cryptocurrencies must comply with the law.
“Their business model is now offering the public … a return of interest in cryptocurrencies … and possibly trading against their customers,” Gensler told Yahoo Finance in an interview Tuesday. “The lane is getting shorter” between companies’ compliance and SEC enforcement, he added.
The commission has sufficient authority but could use more resources, Gensler said in the interview.
He labeled digital asset brokers as “cryptocasinos”.
“Businesspeople in this field have chosen is a choice – to try to circumvent the law if they are establishing themselves abroad and providing services to foreign actors,” said Gensler. “But if they are entering the markets of United Statesthey need to comply.”
The SEC chairman added that next Wednesday, the agency will accept the staff’s recommendations on the structure of the stock market.
Source: Moneytimes
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