Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has appeared virtually before the European Parliament to share his policy recommendations regarding the regulation of crypto assets.<\/p>\n
Speaking to the Parliament\u2019s Committee on Economic and Monetary Affairs on Sept. 1, Gensler highlighted the role financial technologies are playing in globalizing economic flows and undermining siloed national markets:<\/p>\n
\u201cI think the transformation we’re living through right now could be every bit as big as the internet in the 1990s.\u201d<\/p><\/blockquote>\n
Gensler highlighted the $2.1 trillion cryptocurrency markets as a \u201ctruly global\u201d asset class, stating: \u201cIt has no borders or boundaries. It operates 24 hours a day, 7 days a week.\u201d<\/p>\n
While Gensler stuck largely to the same pro regulation script he\u2019s been saying for weeks, he did diverge off into a new area when Finnish politician, Eero Hein\u00e4luoma, asked Gensler about the environmental footprint associated with crypto assets. <\/p>\n
The politician noted the electricity consumed by the Bitcoin network was greater than The Netherlands and Sweden and exceeds \u201cthe total greenhouse gas emission reductions of electric vehicles.\u201d<\/p>\n
While describing Bitcoin\u2019s environmental toll as a significant \u201cchallenge,\u201d Gensler noted the increasing popularity of more energy efficient Proof-of-Stake (PoS) based crypto networks (which include Ethereum and Cardano) and concluded that concerns relating to the carbon emissions of crypto will become concentrated around Bitcoin as PoS adoption rises.<\/p>\n
The SEC chairman placed emphasis on the need to develop robust public policy frameworks to balance supporting innovation in crypto assets and decentralized finance with maintaining strong investor protections.<\/p>\n
Gensler highlighted that DeFi platforms \u201cprovide direct access to millions of investors\u201d without the presence of a broker mediating between the public and the protocol but pointed out this came with big risks. He said that DeFi and crypto have been \u201crife with fraud, scams, and abuse,” and emphasized the vulnerability of the investing public in the absence of \u201cclear investor protections obligations on these platforms.\u201d <\/p>\n
Related: <\/em><\/strong>Crypto is too big to exist outside of public policies, warns SEC chair<\/em><\/strong><\/p>\nThe SEC head also highlighted concerns pertaining to stablecoins, estimating that nearly three-quarters of crypto trading volumes involve stable token pairings.<\/p>\n
Gensler characterized stablecoins as facilitating \u201cthose seeking to sidestep a host of public policy goals\u201d including anti-money laundering safeguards and international sanctions.<\/p>\n
\u201cYou\u2019ve heard about Facebook Diem, but we already have an existing stablecoin market worth $116 billion,\u201d he said.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Gary Gensler, the chairman of the U.S.<\/p>\n","protected":false},"author":3,"featured_media":137540,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
SEC boss tells EU Parliament crypto and fintech could be as disruptive \u2018as the internet\u2019 - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC boss tells EU Parliament crypto and fintech could be as disruptive \u2018as the internet\u2019 - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Gary Gensler, the chairman of the U.S.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-02T04:02:20+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/SEC-boss-tells-EU-Parliament-crypto-and-fintech-could-be-as-disruptive-\u2018as-the-internet.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/\",\"name\":\"SEC boss tells EU Parliament crypto and fintech could be as disruptive \u2018as the internet\u2019 - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-09-02T04:02:20+00:00\",\"dateModified\":\"2021-09-02T04:02:20+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"SEC boss tells EU Parliament crypto and fintech could be as disruptive \u2018as the internet\u2019\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC boss tells EU Parliament crypto and fintech could be as disruptive \u2018as the internet\u2019 - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/","og_locale":"en_US","og_type":"article","og_title":"SEC boss tells EU Parliament crypto and fintech could be as disruptive \u2018as the internet\u2019 - Pre Coin News","og_description":"Gary Gensler, the chairman of the U.S.","og_url":"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/","og_site_name":"Pre Coin News","article_published_time":"2021-09-02T04:02:20+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/SEC-boss-tells-EU-Parliament-crypto-and-fintech-could-be-as-disruptive-\u2018as-the-internet.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/","url":"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/","name":"SEC boss tells EU Parliament crypto and fintech could be as disruptive \u2018as the internet\u2019 - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-09-02T04:02:20+00:00","dateModified":"2021-09-02T04:02:20+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/crypto\/sec-boss-tells-eu-parliament-crypto-and-fintech-could-be-as-disruptive-as-the-internet\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Crypto","item":"https:\/\/precoinnews.com\/category\/crypto\/"},{"@type":"ListItem","position":3,"name":"SEC boss tells EU Parliament crypto and fintech could be as disruptive \u2018as the internet\u2019"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/137541"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=137541"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/137541\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/137540"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=137541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=137541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=137541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}