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: Crypto has ‘no border or boundaries,’ SEC’s Gensler tells European regulators

U.S. Securities and Exchange Chairman Gary Gensler reached out to European lawmakers Wednesday with a request for collaboration on issues ranging from cryptocurrency regulations to disclosure rules on risks related to climate change, during a European Parliament committee hearing on economic and monetary affairs.

“Our global markets are inextricably linked, with money flowing between them in
microseconds,” he said. “New financial technologies continue to change the face of finance for investors and businesses.”

Gensler discussed the SEC’s priorities in financial regulation, including cryptocurrency, its efforts to make new rules on digital engagement efforts by app-based stock brokers, and new disclosure rules on climate change risk.

On the topic of digital assets, Gensler repeated previous comments he’s made, arguing that the cryptocurrency industry must embrace a new international regulatory framework if it hopes to continue to grow and innovate.

“For those who want to encourage innovations in crypto, I’d like to note that
financial innovations throughout history don’t long thrive outside of public policy frameworks,” Gensler said. “Unfortunately, this asset class has been rife with fraud, scams, and abuse in certain applications.”

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