Gary Gensler, the chair of the Securities and Exchange Commission, Gary Gensler, has repeatedly warned that cryptocurrencies must be regulated to protect investors. On Thursday he took a big step toward that goal, saying that he will work with Congress to help create legislation that would increase crypto oversight, the New York Times reported. Gensler doubled down on the need for regulation, saying crypto start-ups wouldn’t prosper without it. “Detroit would not have taken off without some traffic lights and cops on the beat,” he said. His speech immediately prompted outcry from the crypto community, which sees great potential in digital currencies precisely because they are decentralized. The push comes as crypto’s biggest players seek to consolidate their dominance. This month, Binance, the world’s largest cryptocurrency exchange, will unilaterally convert some stablecoins that were issued to its customers by other companies into Binance-branded tokens. This is the kind of move that has lawmakers rushing to draft legislation for stablecoins, or cryptocurrencies ostensibly pegged to the value of a stable asset, like the dollar.
