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May 7, 2021 05:31 GMTCrypto News
Newly-appointed SEC chairman Gary Gensler clarified that the agency does not have jurisdiction to regulate Bitcoin.
The securities regulator is now urging Congress to make some key decisions around crypto regulation.
Consumer protection could decrease fraud and manipulation on crypto exchanges.
The Securities and Exchange Commission (SEC) told US investors that they lack protections when they trade Bitcoin on cryptocurrency exchanges.
Only Congress can keep crypto investors safe
During a hearing held by the House Financial Services Committee, SEC chairman Gary Gensler highlighted that the trading of the leading cryptocurrency represents an oversight gap. Although the hearing was originally about the GameStop short squeeze, Rep. Mc Patrick Henry asked what the regulatory body would do to ensure that the cryptocurrency industry was “vibrant with legitimate money and under the rule of law.”