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US SEC wants to collaborate with Congress to regulate cryptocurrency exchanges.

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cryptocurrency exchanges -According to SEC Chairman Gary Gensler, the agency spends just $325 million on technology each year, which is less than some sector participants spend in two weeks.

The Securities and Exchange Commission (SEC) of the United States wants to work with Congress and other agencies to improve its monitoring of cryptocurrency exchanges.

The SEC’s recently appointed chairman, Gary Gensler, stated that the agency is looking forward to working with other authorities and Congress to close investor protection loopholes in the crypto markets.

The ideas were unveiled during a House of Representatives hearing on Wednesday before the Financial Services and General Government subcommittee.

According to Gensler, the SEC should give crypto exchanges with the same safeguards that an investor would receive on the New York Stock Exchange or Nasdaq:

“If you placed an order on an app, and you said, ‘Alright, I want to buy a stock,’ there are rules that protect you that somebody won’t use your order and get ahead of you. […] So, it’s trying to bring the similar protections to the exchanges where you trade crypto assets as you might expect at the New York Stock Exchange or Nasdaq.”

The next SEC chairman also discussed some of the issues of regulating the cryptocurrency business, claiming that the SEC is financially “under-resourced” in comparison to some of the sector’s major participants. “We spend just around 16 percent or 17 percent of our budget, or around $325 million a year, on technology, which is certainly less than some huge companies spend in a month. He said, “Some of them spend that much in two weeks.

In an early May meeting of the House Financial Services Committee on market volatility, Gensler said that the SEC should work with Congress to properly handle crypto exchange regulation.

Michael Hsu, the new head of the Office of the Comptroller of the Currency, revealed last week that the agency is in discussion with the Federal Reserve and the Federal Deposit Insurance Corporation about forming a “interagency policy sprint team” dedicated only to cryptocurrency.

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