Golden Outpost | SEC Chairman Calls on Congress to Create Investor Protection Framework for Crypto Exchanges

Newly appointed U.S. Securities and Exchange Commission (Securities and Exchange Commission) chairman Gary Gensler believes that there are loopholes in the regulation of bitcoin trading on exchanges. He told the House Financial Services Committee (House Financial Services Committee) hearing on May 6 Calls on Congress to make some key decisions regarding cryptocurrency regulation. the

Golden Relativity|Yu Jianing: National supervision is conducive to clearing the source of the industry: In this issue of Golden Relativity, the director of the editorial board of the "2018 China Blockchain Industry White Paper" and the deputy director of the China Communications Industry Association Blockchain Special Committee Yu Jianing said: For the innovation and application of blockchain technology, since the blockchain was included in the 13th Five-Year Informatization Plan, the basic support attitude has not changed. The key prevention and attack is "not really based on the blockchain". technology, but to speculate on the concept of blockchain to conduct illegal fund-raising, pyramid schemes, and fraud.” Illegal behavior. Those illegal acts are always "spotting", and the appearance is always changing, but the nature of the crime behind it remains unchanged. In particular, pyramid schemes and fraud are cancers of the industry, which have greatly disrupted the public's understanding of blockchain technology and the industry, and have had a serious negative impact on the development of technology and the industry. Therefore, this round of national supervision is conducive to rectifying the source of the industry and optimizing the allocation of innovative resources, which will have important significance in promoting blockchain technology and industrial progress. [2018/8/31]

Gensler commented: “This nearly $2 trillion cryptoasset market could benefit from better investor protection. I think only Congress can really address this issue, and it’s better to consider whether it brings better protection for cryptocurrency exchanges.” Great investor protection. Currently, there is no regulatory framework in the SEC or CFTC for trading on these exchanges. Currently there are no market regulators around these cryptocurrency exchanges, so there is virtually no protection against fraud or manipulation measure."

Analysis | Golden Disk: FGI Fear Index 36: Golden Disk analysts said: The FGI Fear Index went down today, but compared to July 14, it is still restrained. [2018/8/3]

In April, Gary Gensler was sworn in as chairman of the SEC. Gensler said that as SEC chairman, he will have ample opportunity to create regulations specific to the cryptocurrency industry, or determine how existing regulations should be applied. The crypto community has been very concerned about Gensler's tenure at the SEC, largely because his resume contains a wider range of crypto experience than his predecessor.

Analysis | Golden disk afternoon commentary: BTC's 6-hour trend is an adjustment cycle: maintain the judgment of time rebound. The 6-hour trend of Btc is an adjustment cycle. The long and short positions have temporarily found a balance point. It is estimated that the two sides will start a tug-of-war market around 7600. [2018/8/2]

It is worth mentioning that during his candidacy, Gensler pointed out: "Bitcoin and other cryptocurrencies bring new ideas to payments and financial inclusion, but they also raise new investor protection issues that we still need to pay attention to. .If confirmed as SEC chairman, I will work with other commissioners to promote new innovations, while also ensuring investor protection at the core. At the same time, he also pointed out that rooting out fraud in the cryptocurrency market is a challenge.

However, US SEC commissioner and encryption mother Hester Peirce pointed out that she is looking forward to the US SEC led by Gary Gensler. Peirce also said that with Gensler at the helm of the SEC, cryptocurrencies could have a "very productive couple of years." (Part of the message is compiled from theblockcrypto)

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