As the crypto industry is becoming too big, the U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler wants crypto platforms to embrace regulation.
In an interview with the Financial Times (FT), Gensler said that crypto platforms should embrace regulation or risk losing public trust. Also, he added that these platforms should ask for permission instead of "begging for forgiveness."
According to Gary Gensler, the crypto industry may struggle to survive in the U.S. outside the country’s regulatory structure. In short, Gensler thinks that crypto platforms are growing so big that they must embrace regulation in order to survive.
As he continued, he stressed that the industry’s future in 5 to 10 years depends on a public policy framework. Following this, he appended,
“History just tells you, it doesn’t last long outside. Finance is about trust, ultimately.”
“There are a lot of platforms that are in operation today that would do better engaging. Instead, there is a bit of ... begging for forgiveness rather than asking for permission,” said Gensler.
In addition, Gensler emphasized that SEC would supervise decentralized finance (DeFi) platforms, although a lack of primary people such as brokers would make it more challenging.