Securities and Exchange Commission chairman nominee Gary Gensler hinted on possible measures to be taken on cryptocurrencies, as he called for investor protection in a testimonial before the U.S. Congress.

  • Gensler, a financial and cryptocurrency expert, was nominated to take over as SEC chief by President Joe Biden.
  • Gensler asserted that cryptocurrencies have been a catalyst for change as he pushed for new legal instruments to protect investors without affecting innovation. He argued that cryptocurrencies have brought new thinking to payments and financial inclusion.
  • Gensler also told Congress, however, that the SEC should take a bigger role in regulating cryptocurrencies and other digital assets to address fraud and manipulation concerns.
  • Bitcoin closed March 2 with a 2.3% loss in 24 hours, but 6% down between its high and low.