U.S. Securities and Exchange Commission Chairman Gary Gensler has worked harder to try to get crypto trading platforms to register with the SEC as talks about how to regulate the increase in the volume of assets.
In a video published On Thursday (July 28), Gensler said he wants agency staff to work with crypto exchanges to help them become regulated “much like stock exchanges,” according to Bloomberg.
“Look, there’s no reason to treat the crypto market differently just because a different technology is being used,” he said.
Officials at the market watchdog said they are looking at ways to register certain coins as securities, and the agency is considering whether to resolve certain conflicts of interest when crypto platforms are market makers.
Gensler has previously raised concerns about some platforms that may evade the rules, potentially betting against their own customers.
There’s been a lot of talk about how cryptos and stablecoins should be regulated, and U.S. Sen. Pat Toomey (R-Pa.) recently said the SEC’s approach has “damaged both the ‘financial innovation and to American clients’.
Read more: Senator Toomey Slams SEC on Crypto, Calls for Bipartisan Stablecoin Oversight
“Over the past several weeks, several companies whose crypto lending services were arguably within the jurisdiction of the SEC have collapsed,” Toomey wrote to Gensler, quoted in a statement from the Senate Banking Committee.
Toomey also said companies have often promised high and potentially unsustainable interest rates to depositors, with at least one leading somewhat risky practices – namely Celsius, which now has $12 billion in frozen assets.
He said if the SEC had listened to calls for advice on how to work with securities laws with crypto, it might have helped companies react accordingly and stop the losses, rather than the situation. where the commission has regulated “by enforcement, selectively deciding to enforce its opaque stance on when digital assets and services are securities.
Toomey has been in talks with Democrats to try to gain bipartisan support on a bill for stablecoin oversight.
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