The cryptocurrency market will one day be so large that it will not be possible to avoid regulation. Gary Gensler, head of the U.S. Securities and Exchange Commission, is convinced of this. It’s a matter of years, he says.
Gary Gensler, in an interview with the British Financial Times, said that cryptocurrency trading platforms will be subject to regulation similar to the one we know from the financial sector within five to 10 years. So it will not be about regulating the cryptocurrency itself, but about the exchanges on which digital coins are traded.
“If the global cryptocurrency market reaches around $2 trillion, that’s the limit from which cryptocurrencies need to be regulated,” Gensler told the Financial Times. History tells us, he says, that without regulatory regulation, it is impossible to exist in the long term. “The financial world is all about trust,” Gensler added.
The head of the US Securities and Exchange Commission also expressed outrage at the response of cryptocurrency trading platforms to his comments that they should register with the regulator. “I told them to come and talk to us,” he told a British newspaper. According to Gensler, there are many platforms on the market, and therefore some would do better to sign up to comply with official rules.
