Former U.S. SEC chairman expects a ”fair amount” of new crypto regulations coming

The former SEC chairman Harvey Pitt said he is expecting a “fair amount” of crypto regulation coming from the U.S. SEC following the confirmation of the new chairman. The former chairman talked about the future of cryptocurrency regulation under the new chairman, Gary Gensler, in an interview with Bloomberg Friday. Pitt served as the 26th chairman of the U.S. SEC from 2001 to 2003.

“I expect to see a fair amount of regulation of cryptocurrencies.”

With Coinbase making its market debut via a direct listing on Nasdaq, Pitt was asked what he expects to happen with the regulation of cryptocurrencies and cryptocurrency exchanges. The former chairman said, “I expect to see a fair amount of regulation of cryptocurrencies. Right now, I think the rules are unclear.” “Whether or not certain offerings involve securities or not is unclear. There is a definite likelihood that the SEC will move forward. Gary Gensler is an expert on cryptocurrencies. He has taught about them. He is a market expert,” Pitt continued. “I would expect to see clear rules of the road evolve under his leadership,” the former SEC chair added. 

Gary Gensler confirmed as the new chairman of the SEC. 

Gary Gensler, a crypto professor at the Massachusetts Institute of Technology (MIT), was confirmed last week as the SEC’s chairman. He was sworn into office on Saturday as a member of the SEC. The former chairman further explained that crypto companies like Coinbase, “which is effectively making markets in cryptocurrencies,” are subject to SEC regulations; therefore, the commission will indirectly have an influence on how these cryptocurrencies are marketed. Earlier, SEC Commissioner Hester Peirce also said that she is “optimistic” that under Gary Gensler, who has deep knowledge of the crypto markets, the SEC can “build a good regulatory framework” for cryptocurrencies.

Contributed by Coinnounce.