"If one trades bitcoin in America today, there is no investor protection.
There is no market regulator, and thus there is really no protection against fraud or manipulation."
"There is a lot of authority that SEC currently has in the security space, and there are a number of cryptocurrencies that fall within that jurisdiction. But there are some areas, particularly bitcoin trading on large exchanges, [where] the public is currently not really protected. That would be one area I would highlight," he said.
Gensler added that he would look forward to working with Congress on developing investor protection regulation.
"If one trades bitcoin in America today, there is no investor protection regime that really protects as I think would be appropriate around these exchanges," he said at the hearing. "There are things that we can do better and get done at the SEC. But I also look forward to working with Congress if there is the desire to fill some gaps. As I said earlier, [those being] crypto exchanges."
Edited by Rogerdodger, 07 May 2021 - 10:50 AM.