Gary Gensler wants tighter regulations for crypto firms. At the annual conference, he said the SEC and FINRA should prepare to bring cases involving issues in crypto, cyber, and fintech, MarketsInsider reported.
- The SEC Chief called on regulators to ensure that bad actors do not play with the savings of working families and that regulations are implemented “aggressively and consistently.”
- The Securities and Exchange Commission Chairman said regulators will crack down against “bad actors” in the system. “We need rules of the road and a cop on the beat,” Gensler said.
- This includes deceptive conduct by private funds, offering or accounting frauds, insider trading, market manipulation, failure to act in the best interest of retail customers, reporting violation, best execution, and fiduciary violations.
- The SEC is also looking into regulatory approaches on the crypto space, such as proposals to give crypto asset and fund issuers three years before they fall under securities.