London Daily

Focus on the big picture.
Friday, Oct 02, 2026

SEC chair warns cryptocurrency industry won't reach potential staying outside our laws

SEC chair warns cryptocurrency industry won't reach potential staying outside our laws

Chairman of the Securities and Exchange Commission Gary Gensler argued on Thursday that the cryptocurrency "field is not going to reach any of its potential if it tries to stay outside of our laws."

He specified that those laws include those pertaining to money laundering, tax compliance and the SEC’s "focus," which is investor protection.

Bitcoin and other cryptocurrencies remain unregulated within the U.S. financial system.

Gensler provided the insight on "Mornings with Maria" on Thursday as the industry has been waiting to see how the Democratic appointee will approach oversight of the crypto market, which he had reportedly said should be brought within traditional financial regulation.

On Thursday, Gensler called cryptocurrencies "innovative technologies," but also pointed out the potential risks associated with the evolving industry.

Gensler told FOX Business host Maria Bartiromo on Thursday that the SEC is "neutral" on crypto, but not neutral about investor protection.

He stressed that his agency focuses on investor protections, especially for working families.

Earlier this month, Gensler called on Congress to give the SEC more authority to better police cryptocurrency trading, lending and platforms, Reuters reported, noting that he referred to crypto markets as a "Wild West" plagued with fraud and investor risk.


Gensler reportedly said the market involves many tokens, which may be unregistered securities, and therefore, could leave prices open to manipulation and millions of investors vulnerable to risks.

In April, cryptocurrencies reached a record capitalization of $2 trillion as more investors poured into investments of digital tokens.

Bitcoin had been trading lower this week. The cryptocurrency dropped by more than 1% Thursday morning as cryptocurrencies declined. On Thursday morning the price was around $44,300 per coin and increased to around $45,700 by Thursday afternoon, according to Coindesk.

For year-to-date returns, however, bitcoin is up 56% courtesy of a strong showing by bullish traders throughout the first half of this month as prices steadily rose from $38,000 on Aug. 4 to around $48,190 on Saturday.

Rivals Ethereum and Dogecoin were trading around $3,066 and 31 cents per coin, respectively, according to Coindesk.

Concerns about cryptocurrencies were raised Tuesday by Neel Kashkari, president of the Federal Reserve Bank of Minneapolis.

"I was more optimistic about crypto and bitcoin five or six years ago," said Kashkari. "So far what I’ve seen is… 95% fraud, hype, noise and confusion."

Kashkari made the comments during an appearance at the Pacific NorthWest Economic Region annual summit in Big Sky, Montana, and reported by Coindesk.

Kashkari contrasted the open nature of the crypto field with the U.S. government’s monopoly on issuance of dollars.

"There are thousands of these garbage coins that have been created," the central banker said. "Some of them are complete fraud Ponzi schemes. They dupe people into investing money and then the founders rip them off."

Kashkari scoffed at the idea that bitcoin could serve as a safe haven from inflation, particularly the kind seen in some developing countries.

Gensler noted on Thursday that the interest in crypto "innovations" have "shown that we all want our payments to be faster and less costly."

The Senate confirmed Gensler, President Biden’s pick, as chairman of the Securities and Exchange Commission in April. Gensler was a former financial regulator and Goldman Sachs Group Inc. executive. He ran the Commodity Futures Trading Commission, a smaller regulatory sibling to the SEC, from 2009 to 2013, according to the Wall Street Journal, which added that he "has a history of shaking up the status quo."

The newspaper reported that while at the Commodity Futures Trading Commission "he steamrolled the opposition to write rules from scratch governing the markets for hundreds of trillions of dollars of derivatives," adding that "some of these complex financial instruments were blamed for the 2008-09 financial crisis."

Bartiromo asked Gensler what his priorities are in his new role as SEC chairman.

"I think markets every day are changing. Technology is rapidly changing markets and we can’t take for granted that we have the best markets," he responded. "I would like, at the end of my tenure, that we left the market even better."

He went on to say that he believes there are "definitely things we can do" to make certain parts of "the market more transparent."

Newsletter

Related Articles

0:00
0:00
Close
Scottish Court to Rule on Bid to Force No-Confidence Vote Against Aberdeen Council Co-Leader
UK Bans Extra Charges for Seating Children Under 12 Beside Accompanying Adults
UK Introduces Vaping Duty and New Licensing Requirements
Greggs to Close Four UK Factories and Cut 740 Jobs
Hundreds of Prisoners Released Early as England and Wales Prisons Reach 98% Capacity
UK Unveils New Russia Sanctions Targeting War Funding and Shadow Fleet
Burnham Says There Are Strong Indications of Iranian Involvement in RAF Fairford Security Breach
Prime Minister Andy Burnham Raises Prospect of Reviewing Britain's Post-Brexit EU Relationship
Markets Price in Bank of England Rate Increases as Inflation Rises to 3.1%
UK Borrowing Costs Climb Toward 5.5% as Global Bond Sell-Off Intensifies
UK-France One-In-One-Out Migration Agreement Expires as London Seeks Alternative Measures
Southwest England Faces Flood Alerts After Heavy Autumn Storms
UK Expands Funding for Rapid Electric Vehicle Charging Infrastructure
Welsh Government Approves Funding to Upgrade South Wales Transport
Northern Ireland Tensions Rise as Orange Order Rejects Drumcree Compromise
NHS Leaders Back Early Design of Proposed National Care Service
More Than One-Third of Regional UK Universities Face Financial Deficits
UK Current Account Deficit Narrows as Cross-Border Financial Flows Remain Strong
Bank of England and FCA Issue New Rules for Stablecoins and Digital Assets
MI5 Warns UK Universities Over Research Links With Chinese Institutions
UK Energy Price Cap Rises 4% as Electricity VAT Is Temporarily Suspended
Equity Calls for UK Personality Rights to Protect Performers From AI Replication
OpenAI Pauses Advanced Model Training Following Safety Concerns
Scottish Government Proposes Replacing 32 Councils With Larger Regional Authorities
Ofgem Raises UK Household Energy Price Cap by 4% From October
UK Counter-Terrorism Police Continue Investigation After Five Arrests Near RAF Fairford
OECD Cuts UK 2027 Growth Forecast to 1%
Labour Says State Pension Triple Lock Remains Protected Through Current Parliament
Andy Burnham Pledges National Care Service With Free Social Care in England
Six Flags Permanently Shuts Landmark X2 Roller Coaster Following Safety Scandals
Metropolitan Police Rule Out Terrorism in Golders Green Stabbing Investigation
Lithium-Ion Battery Identified as Cause of Fatal Merseyside House Fire
UK Department Rejects New Sea Use Framework Due to Stakeholder Fatigue
Major Thames Water Pipe Burst Causes School Closures in London
Aldi Commits £900 Million to Expand UK Supermarket Network
Scottish Affairs Committee Warns Skills Shortages Threaten Defence Sector Expansion
Parliamentary Committee Warns Northern Ireland Budget Deadlock is Stalling Economic Growth
NHS Hospitals in England Face Severe Shortages of Essential Medications
Home Secretary Signals Major Overhaul of UK Immigration and Leave to Remain Policies
Chancellor Promises New Job Schemes Alongside Strict Fiscal Discipline
Energy Secretary Proposes Taxpayer-Funded Green Transition and National Electricity Grid
UK Government to Renationalise Avanti West Coast Railway Franchise in March
Prime Minister Andy Burnham Pledges Major Social Care and Infrastructure Reforms
Five Suspects Released on Bail Following Alleged Bomb Plot Near RAF Fairford
UK Diesel Prices Hit Record High of 199p Per Litre
Transport for Wales and Network Rail Complete Electrification of South Wales Metro
Defra Expands Incentives for Sustainable Farming and Biodiversity in England
Northern Ireland Executive Approves Funding Package to Resolve Public Sector Pay Disputes
Universities UK Warns of Financial Insolvency Risks for Higher Education Institutions
UK Prisons Activate Emergency Protocols to Manage Capacity Pressures
×