The U.S. Securities and Exchange Commission (SEC) hopes to work with Congress to regulate cryptocurrency exchanges

The US Securities and Exchange Commission is seeking to cooperate with Congress and other regulatory agencies to strengthen the supervision of cryptocurrency exchanges.

Gary Gensler, the newly appointed chairman of the SEC, said the committee looks forward to working with other regulators and Congress to fill the gap in investor protection in the crypto market.

official Announce These plans were presented at a hearing held by the House Financial Services and General Government Subcommittee on Wednesday.

Gensler Say The U.S. Securities and Exchange Commission (SEC) needs to provide similar protections for cryptocurrency exchanges that investors obtain on the New York Stock Exchange (Nasdaq) or Nasdaq (Nasdaq):

“If you place an order on the app to buy stock, there are rules to protect you from someone using your order to get ahead of you. […] Therefore, it is trying to provide similar protection for exchanges that trade crypto assets, as you would expect on the New York Stock Exchange or Nasdaq. “

The new head of the US Securities and Exchange Commission also outlined some of the challenges in regulating the cryptocurrency industry and pointed out that the US Securities and Exchange Commission is financially “poor in resources” compared to some of the major players in the industry. “We only spend about 16% or 17% of our budget on technology, that is, 325 million US dollars per year, which is less than the cost of a month for some large companies. Some of them even spent so much money in two weeks. ” famous.

Former Gensler suggested The U.S. Securities and Exchange Commission (SEC) should work with Congress to properly resolve cryptocurrency exchange regulations at the House Financial Services Committee (House Financial Services Committee) hearings related to market volatility in early May.

Last week, the new director of the Office of the Currency Inspector General Xu Zhian (Michael Hsu) Announce that the agency has been negotiating Established contacts with the Federal Reserve and the Federal Deposit Insurance Corporation on establishing an “inter-agency policy sprint group” specifically for cryptocurrencies.