SEC Chairman Gary Gensler said Tuesday that Wall Street's top regulator needs Congress to grant it more power to oversee the crypto market.
"FSOC must act quickly to use its statutory authority to address cryptocurrencies' risks and regulate the market to ensure the safety and stability of consumers and our financial system," the Massachusetts Democrat wrote in a letter to Yellen. "As the demand for cryptocurrencies continues to grow and these assets become more embedded in our financial system, consumers, the environment, and our financial system are under growing threats," she added.
The Federal Trade Commission reported earlier this year that consumers reported losing more than $80 million to crypto scams between October and March, with many of those losses stemming from underhanded scammers targeting small investors on social media, the FTC said. Gensler on Tuesday did not offer comment on that potential for approving a bitcoin exchange-traded fund, a pending decision that many in the crypto market are anxiously awaiting.
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