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Crypto Market Won’t ‘Last Long Outside’ Regulatory Framework, Gensler Says
Platforms should be “asking for permission” rather than “begging for foregiveness,” the SEC chair said.
Updated May 11, 2023, 4:33 p.m. Published Sep 1, 2021, 8:20 p.m.
The crypto market may struggle to survive in the U.S. outside the country’s regulatory framework, according to U.S. Securities and Exchange Commission Chair Gary Gensler.
- The industry’s future in five to 10 years lies “within a public policy framework,” Gensler said in an interview with the Financial Times Wednesday.
- “History just tells you, it doesn’t last long outside. Finance is about trust, ultimately,” the SEC chair said.
- Gensler reiterated his desire for crypto trading platforms to register with the SEC because a number of cryptocurrencies can be deemed as securities. “Talk to us, come in,” he said.
- “There are a lot of platforms that are in operation today that would do better engaging. Instead there is a bit of ... begging for forgiveness rather than asking for permission.”
- Gensler has said previously that he is weighing up more robust regulation of the crypto market, dampening hopes held by many in the industry that his interest in the space may lead to a rather hands-off regulatory approach.
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Read more: DeFi Not Immune to SEC Oversight, Gensler Says: Report
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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