The US Securities and Exchange Commission (SEC) is running out of helping hands to cover everything from crypto to China, according to its chairman Gary Gensler.
During a recent appearance on CNBC’s Squawk Box, SEC chair Gary Gensler said the agency needs more manpower to continue regulating cryptocurrencies and fraudulent companies from China.
Gensler, who was confirmed as the SEC Chair in April, explained his agency’s approach to regulating digital assets before the Senate on Tuesday. During his testimony, Gensler highlighted that the SEC needs “a lot more people” to tackle 6000 digital assets and determine their status for regulation:
Republican senator Pat Toomey also asked Gensler to clarify whether stablecoins met the criteria of securities. In response the SEC boss asserted:
The regulatory standing of cryptocurrencies has been a contentious subject in the US. Both CFTC and SEC have claimed that digital assets fall under their jurisdiction, often leading to a war of words on social media.
Gensler, for his part, maintains that most cryptocurrencies fall under the securities law and therefore, should be regulated accordingly. On Wednesday, he told CNBC: