The US Securities and Exchange Commission (SEC) needs more authority over the cryptocurrency market so that it can hold transactions, products and platforms "from falling between the regulatory cracks," CNBC reports, citing the SEC chief's Gary Gensler speech this week. Moreover, Sen. Elizabeth Warren released the letter in which the SEC head emphasized that crypto investors "are not adequately protected."
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"Right now, I believe investors using these platforms are not adequately protected," Gensler told Warren in the letter.
Gensler also said in his response to Warren that various platforms from the centralized and decentralized finance markets "not only can implicate the securities laws," but also the commodities laws and the banking laws. The letter’s release comes as the Senate on Tuesday passed a $1 trillion bipartisan infrastructure bill, sending unedited crypto-related part of it to the House. As iHodl earlier reported, the Congressional Budget Office (CBO) estimates the notorious bill would add $256 billion to deficits over 10 years.
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