SEC Chairmanelect Hearing: Rooting out Cryptocurrency Fraud, Overlooking Game Stack to Scramble the Mess
Source: Financial Services Agency
Author: Wu Bin
SEC Chairmanelect Hearing: Rooting out Cryptocurrency Fraud, Comprehensive Review, Game Stations, Mess Up
U.S. Senate hearings on Tuesday on Joe Biden's nominees to head the Securities and Exchange Commission and the Consumer Financial Protection Bureau suggested the next four years could see tougher regulation on Wall Street.
Bitcoin fell below $48,000 after SEC chairman candidate Gary Gensler said at the hearing that the agency would take on the challenge of rooting out cryptocurrency fraud and manipulation.
Gersler also said cryptocurrencies were a "catalyst for change" that brought new ideas for payments and financial inclusion, but also raised investor protection concerns. If elected, he will focus on promoting innovation while ensuring protection for investors.
In addition, Mr. Gesler promised to conduct a comprehensive review of the issues behind the Gamestay retail sell-off, including whether retail trading practices best serve customers. "Technology is changing, markets are changing, and we should always be evaluating new market approaches."
Mr Gersler, a former chairman of the Commodity Futures Trading Commission, has built a reputation as a hardliner who takes on Wall Street's interests directly by implementing new swaps rules set in the wake of the financial crisis in 2010.
Another key CFPB candidate, Rohit Chopra, has said he would consider more regulation of tech companies and, if elected, would focus on the big tech companies' moves into financial services and the impact on consumer privacy.
Chopra, who is currently commissioner of the Federal Trade Commission (FTC) and a market triad, helped set up the CFPB after the 2008 financial crisis and served as the first student loan inspector. Later, at the FTC, Chopra called for tougher rules on user privacy and competition for big tech companies, as well as tougher enforcement penalties.
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