The head of the SEC says that crypto assets need a lot more regulation before they can move forward.
Speaking at the Aspen Security Forum, SEC Chair Gary Gensler said, "This asset class is rife with fraud, scams, and abuse in certain applications."
"This leaves prices open to manipulation. This leaves investors vulnerable." He says he has urged staff to "continue to protect investors in the case of unregistered sales of securities.": Noting that a typical trading platform has more than 50 tokens on it, Gensler said the platforms have "significant gaps in investor protection.
Last week, ProShares went live with a mutual fund tracking bitcoin futures, the Bitcoin Strategy ProFund .
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