Former chairman of the Commodity Futures Trading Commission, Gary Gensler, testified at a hearing of the U.S. Senate Banking Committee on systemic risk and market oversight at Capitol Hill in Washington on May 22. 2012.
Jonathan Ernst | Reuters
Senate lawmakers plan Tuesday to ask Securities and Exchange Commission Chairman Gary Gensler to oversee the agency, including regulation of cryptocurrency markets.
Gensler is expected to be asked about bitcoins, stablecoins and other digital resources from senators on both sides of the political corridor.
“We just don’t have enough protection for investors in financing, issuance, trading or cryptocurrency lending,” Gensler said in prepared comments. “Frankly, at this point it’s more like the wild west or the old world of the ‘buyer’s account’ that existed before securities laws were enacted. This class of assets is full of fraud, scams and abuse in certain applications “.
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