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SEC’s Gensler Calls for Watchdogs to Collaborate on Crypto Oversight

  • SEC seeks derivatives regulator’s help reining in exchanges
  • Agencies, lawmakers have been jockeying over jurisdiction
Gary Gensler

Gary Gensler

Photographer: Evelyn Hockstein/Reuters/Bloomberg

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Securities and Exchange Commission Chair Gary Gensler said his agency and the top U.S. derivatives regulator should work together to rein in cryptocurrency exchanges.  

Gensler has asked SEC staff to collaborate with the Commodity Futures Trading Commission to develop a new plan to oversee platforms trading tokens that are a mix of securities and commodities, according to remarks at an event hosted by the University of Pennsylvania Carey Law School. More rules are needed for exchanges because retail investors are currently vulnerable to scams and market manipulation, he said.