SEC Chairman Gary Gensler spoke about cryptocurrencies again in his last statement.
Gensler said in his statement that many investors suffered losses in the cryptocurrency market. In addition, Gensler stated that the SEC's action regarding the US Treasury today is much more important than the cryptocurrency issue.
While the SEC today adopted new rules aimed at reducing systemic risk in the $26 trillion US Treasury market and requiring more transactions through clearing houses, it also made some concessions following reactions from the industry.
The five-member U.S. Securities and Exchange Commission voted 4-1 in favor on Wednesday to enact new rules proposed more than a year ago as part of a broad effort to address structural problems that regulators believe are causing volatility and liquidity problems.
SEC Chairman Gary Gensler said the following about the new rules:
“Taken together, today's final rules will reduce risk in a vital part of our capital markets in normal times and in times of stress. “This will benefit investors, issuers and the markets that connect them.”
*This is not investment advice.