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Tougher Rules Coming for Bitcoin, Other Cryptos: Plus Blockchain Event Coming to MIA

Written by:
Aaron Goldstein
Published on:
Aug/20/2021

The market for cryptocurrencies has ballooned. It is currently estimated to be worth about $2 trillion, writes David Gura of NPR.  This means more rules, more regulation.

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Bitcoin is becoming more mainstream but the bad actors are not going away.

Gary Gensler is an American former investment banker, and former government official and now the chairman of the U.S. Securities and Exchange Commission.  He denounced the lack of transparency and clear regulations, and promised the commission will take action to protect investors, which is a key part of the agency's mission.

"Investors really aren't getting the information to judge the risk, and understand the risk," Gensler said. "If we don't address the issues, I worry a lot of people will get hurt."

The market has developed so fast, regulations haven't kept up, Gura noted.

Tiffany J. Smith, a partner at the law firm WilmerHale, who runs a cryptocurrency regulatory practice, helps her clients mitigate risk.

"In the absence of, you know, definitive regulation that applies to crypto assets, we work with them to craft policies, procedures, and processes," she says.

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- Aaron Goldstein, Gambling911.com

Business/Financial News

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