The SEC Takes On Crypto
Bloomberg Businessweek|August 09 - 16, 2021 (Double Issue)
Gary Gensler says the watchdog has power to protect investors in digital assets
Robert Schmidt and Ben Bain
The SEC Takes On Crypto

It’s become a parlor game in Washington, on Wall Street, and in Silicon Valley to figure out where U.S. Securities and Exchange Commission Chair Gary Gensler stands on cryptocurrencies. Industry lobbyists tune in when he testifies before Congress. Lawyers parse his speeches. Goldman Sachs Group Inc. wealth advisers recently boasted in a research report about looking for clues in 29 hours of the Blockchain and Money course he developed at the Massachusetts Institute of Technology. That’s an arduous but perhaps not novel undertaking, as videos of the classes have garnered millions of views online, something that amazes even Gensler.

In his first extensive interview about the digital money craze, Gensler signaled that his deep interest in the subject doesn’t mean he’s simpatico with the hands-off oversight approach that many enthusiasts would like to see. Policymakers have struggled with how to respond to the mostly unregulated $1.6 trillion markets, which have seen explosive growth and wild price swings. Gensler is contemplating a robust oversight regime, centered on establishing safeguards for the millions of investors who’ve been stocking their portfolios with tokens. “While I’m neutral on the technology, even intrigued—I spent three years teaching it, leaning into it—I’m not neutral about investor protection,” Gensler says. “If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.”

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Bu hikaye Bloomberg Businessweek dergisinin August 09 - 16, 2021 (Double Issue) sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

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