Securities and Exchange Commission Chair Gary Gensler is turning to Sen. Elizabeth Warren for help as he seeks to clamp down on cryptocurrency exchanges.
Gensler, who’s repeatedly rung alarm bells over the platforms during his four-month tenure, told Warren in an Aug. 5 letter that regulators need more resources to protect investors. He also said lawmakers should give watchdogs clear powers to write rules for exchanges, including decentralized finance, or DeFi, trading venues.
“We need additional authorities to prevent transactions, products and platforms from falling between regulatory cracks,” he wrote in response to questions from Warren about his plans for policing the industry.
Gensler, who previously taught classes on digital assets at the Massachusetts Institute of Technology, has disappointed crypto fans by saying he wants to bring the asset class under the government’s watchful eye. He told Warren that he is particularly worried about so-called stablecoins, which play an integral part in trading.
For her part, Warren signaled she’ll be a willing ally in asserting more control over digital assets.
“Cryptocurrency is the wild west of our financial system and desperately needs rules of the road,” the Massachusetts Democrat said in a statement. “I’m going to continue to engage with the SEC and other federal regulators on this, and will work to close regulatory gaps through legislation.”
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
