[TheRecord] SEC Chair Gensler: Cryptocurrency market is ‘Wild West’ in need of more oversight

The nation’s top financial regulator on Tuesday highlighted the role Bitcoin and other cryptocurrencies play in the ransomware epidemic, and called on Congress to grant additional power to oversee the market for such digital assets.

In his first extensive remarks on the subject since he assumed office in April, U.S. Securities and Exchange Commission Chair Gary Gensler said at the Aspen Security Forum that the cryptocurrency market resembled the “Wild West.” Cybercriminals are one of the few groups that has found a practical use for cryptocurrency, besides as a speculative asset, he said.

“To the extent that it is being used as a medium of exchange, it’s usually often to skirt our laws with respect to anti-money laundering, sanctions, tax collection, on the dark web, and yes, it has also enabled extortion via ransomware as we’ve seen recently in Colonial Pipeline and elsewhere,” he said.

Gensler, who taught courses on blockchain at Massachusetts Institute of Technology before joining the SEC, said his main motivation for requesting additional oversight powers is to protect investors. “If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.”

The post SEC Chair Gensler: Cryptocurrency market is ‘Wild West’ in need of more oversight appeared first on The Record by Recorded Future.

Source: Read More (The Record by Recorded Future)

You might be interested in …

[SANS ISC] Video: Phishing ZIP With Malformed Filename, (Sun, Oct 31st)

All posts, Sans-ISC

This is a video for my diary entry “Phishing ZIP With Malformed Filename“, where I show how to use my zipdump.py tool to visualize the special characters inside malformed filenames. Here is the output of my zipdump tool: Didier Stevens Senior handler Microsoft MVP blog.DidierStevens.com (c) SANS Internet Storm Center. https://isc.sans.edu Creative Commons Attribution-Noncommercial 3.0 […]

Read More

[BleepingComputer] XLoader malware steals logins from macOS and Windows systems

A highly popular malware for stealing information from Windows systems has been modified into a new strain called XLoader, which can also target macOS systems. […] Source: Read More (BleepingComputer)

Read More

Daily NCSC-FI news followup 2021-04-21

Alert (AA21-110A) Exploitation of Pulse Connect Secure Vulnerabilities us-cert.cisa.gov/ncas/alerts/aa21-110a The Cybersecurity and Infrastructure Security Agency (CISA) is aware of compromises affecting U.S. government agencies, critical infrastructure entities, and other private sector organizations by a cyber threat actoror actorsbeginning in June 2020 or earlier related to vulnerabilities in certain Ivanti Pulse Connect Secure products. Lisäksi: threatpost.com/pulse-secure-critical-zero-day-active-exploit/165523/. […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.