Gary Gensler, the head of the US Securities and Exchange Commission (SEC), has spoken about the contours of the globalization of cryptocurrency markets in a speech in the European Parliament.
In the session, Gensler talked about the importance of financial techs that “break down barriers and unite European and American markets.” He compared the current transformation to the Internet in the 1990s, and especially highlighted the digital asset market, “which has no boundaries and operates 24/7.”
Regarding blockchain, Gensler said it is necessary to ensure the protection of investors and consumers, counter illegal activity and maintain financial stability.
Gensler has mentioned digital asset trading and lending platforms, including DEXs, as an area of concern. According to him, there are no standards for protecting investors from fraud and violation of their rights in some of them. He added:
“Special equipment and software on platforms, work at the legislative level can help in this.”