17 replies to this topic

[Rogerdodger]

U.S. bitcoin traders not protected, crypto space to benefit from more regulation, says SEC Chairman Gensler

"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.

[Rogerdodger]

Elon Musk

@elonmusk:  "Cryptocurrency is promising, but please invest with caution!"

[fib_1618]

 

U.S. bitcoin traders not protected, crypto space to benefit from more regulation, says SEC Chairman Gensler

 

 

That's the idea...it's public domain. Government regulation is not needed at all.

 

The key is working with the right exchange that will take care of these type improprieties...over and above the already in place security measures.

 

Fib

[12SPX]

Unless you have a CEO that decides to take all the cash and put it into other things and you wake up one morning and it seems you've lost all your money.  RJ Obrian, one of the biggest most respected futures brokerage of them all..... was an interesting morning when I woke up to that.  If that were to happen to Crypto it'd be all over.....

[fib_1618]

I find it fascinating that there are a lot smart people on this board who haven't done any exploratory due diligence on this subject matter.

 

Fib

[12SPX]

I have a friend who already lost 1/2 a bitcoin to a brokerage cause they don't know what happened to the CEO just vanished.  At least with Rj in the end we all got every penny back! 

[fib_1618]

I have a friend who already lost 1/2 a bitcoin to a brokerage cause they don't know what happened to the CEO just vanished.  At least with Rj in the end we all got every penny back! 

 

You can't trade cryptocurrencies at a (regulatory) brokerage...well...the brokerage can have access to an exchange as a go between (and they will likely charge you for the "convenience").

 

Better to either create your own "wallet"...but it's far and away better to work with an established exchange directly who can handle any headaches that might arise.

 

Fib

[12SPX]

Sorry didn't mean brokerage, where ever it was he had it he lost it.  

[Rogerdodger]

We don't need no stinking "due diligence" to invest In Bernie "Made-off." Everybody makes money with Bernie.

Edited by Rogerdodger, 07 May 2021 - 05:59 PM.

[fib_1618]

We don't need no stinking "due diligence" to invest In Bernie "Made-off." Everybody makes money with Bernie.

 

Not even remotely the same thing.

 

Fib