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Gensler also said he believes cryptocurrencies are securities, which would put them under the purview of the SEC. The regulatory uncertainty surrounding digital currencies has been the subject of lawsuits and investigations in recent years, and whose jurisdiction the assets fall under has yet to be definitively answered.
According to Gensler, crypto investors simply do not have sufficient information available to judge and understand the risks of investing in digital assets.
“If you want to invest in a digital, scarce, speculative store of value, that’s fine,” Gensler said. “Right now, though … we just don’t have enough investor protection. And frankly at this time, it’s more like the Wild West.”
‘If we don’t address the issues, a lot of people will get hurt’
With $1.6 trillion in total value for the asset class, the crypto sector is still relatively small compared to US capital markets. But that doesn’t mean it shouldn’t be regulated, Gensler said.
“I fear that if we don’t address…
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