Opening the Aspen Security Forum, SEC Commissioner Gensler discussed his views on crypto currency, SEC involvement, and crypto’s regulatory future. The Commissioner began his discussion with an overview of the creation of crypto, and how the market has grown. He mentions his tenure at MIT and the courses he taught on crypto finance, blockchain technology, and money before starting at the SEC and states, “As a personal matter, I wouldn’t have gone to MIT if I weren’t interested in how technology can expand access to finance and contribute to economic growth.” However, he points out that the use of crypto as a medium of exchange, is often used “to skirt our laws with respect to anti-money laundering, sanctions, and tax collection.” Referring to it as the “Wild West”,
Commissioner Gensler recognizes the need for additional regulatory scrutiny of crypto and its trading platforms and is asking for additional Congressional authorities to prevent transactions, products, and platforms from falling between regulatory cracks. Compliance Departments should get a head start on the potential increase in crypto regulatory requirements and access their current platforms. For the full speech click here.