Investment advocacy groups urged SEC chair Gary Gensler to more strictly regulate the cryptocurrency industry in a letter on Monday, according to report of Bloomberg.
- The letter signed by Americans for Financial Education Fund, the Federation of Consumers of America and others, specified stable currencies, cryptocurrencies and exchanges as key areas that need more regulation.
- “Without significant regulatory leadership, the digital stock market was born and grew in the Wild West,” the groups wrote in their letter. “It is urgent that the Commission and other federal financial regulators comply with the law to better protect investors and improve the integrity and stability of digital markets.”
- The letter reiterates many of the same positions that Gensler himself held to testify before Congress and in other settings, and arrives as the SEC and other regulators begin further actions against the crypto industry.
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