SEC has just drafted a letter to US Senator Warren in relation to the extension of the oversight as SEC needs more resources to regulate the crypto market in a profound manner. The letter is a proposal by SEC to Senator Warren for authorizing their access to each and everything to make it happen.
This is not good news for cryptocurrency and necessarily means that the regulations are going to get tougher with the passage of time, which will drill a hole right into the steadfast approach the crypto market is making with the conventional financial system. The letter was recently made public by Senator Elizabeth Warren written by the chair of SEC Gary Gensler on her request to address the opaqueness or volatility of the crypto market.
This was more than a request as it intended at disclosing any signs of a clear warning by the SEC, which compels them to think if Congress should be intervening with the issue. The initial request made by Senator Warren was to the chair of SEC to provide her with a full-fetched of all the resources to which SEC might require authorization for the sake of making crypto regulations and shipping them out there to so they could take effect and dose down the volatility of the crypto market.
SEC Chair Believes in Equality and Consistency within the Crypto Market
Interestingly enough, the state seems like a plot to ensure that the investor’s money is secure while being locked up within the crypto market. To this request, the SEC chair has responded, sharing his personal insight on the topic.
Gary Gensler believes that SEC is indeed in need of acquiring that authorization to extra resources, allowing them to prevent crypto products, platforms, and even the transactions taking place on them from falling badly within the regulatory cracks. The commission should be targeting its prime attention towards Defi platforms and crypto trading much more than any other domain associated with the crypto market.
This proposal is much more genuine and mature and will definitely help the crypto community to become a better place for everyone, with volatility toning down with the passage of time.