Gensler compares cryptocurrency market, regulations to 'wild west'

From thehill.com

Securities and Exchange Commission Chairman Gary Gensler said Tuesday that the rapid proliferation of cryptocurrencies and investment products tied to them resembled the “wild west.” Testifying before the Senate Banking Committee on Tuesday, the SEC chief warned that many digital tokens and crypto-related investment offerings are not properly overseen because of gaps in federal regulations. Gensler, a Democrat appointed by Biden, said while “many” cryptocurrencies are likely securities—something squarely within the SEC’s jurisdiction—others may only or also be considered commodities, which falls under ... (full story)