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.”
"QuantumRisk, by design, recognizes that these so-called “impossible” events actually happen, and it accounts for them in a way that advisors can see and plan for," Dr. Ron Piccinini told InvestmentNews.
Advisors who invest time and energy on vital projects for their practice could still be missing growth opportunities – unless they get serious about client-facing activities.
The policy research institution calculates thousands in tax cuts for Washington, Wyoming, and Massachusetts residents on average, with milder reductions for those dwelling in wealth hotspots.
Yieldstreet real estate funds turned out to be far riskier than some clients believed them to be, according to CNBC.
The race to 100 transactions ended a month early this year, with April standing out as the most active month on record for RIA dealmaking.
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.
