Gary Gensler, chairman of the Securities and Exchange Commission (SEC), said that if the US cryptocurrency market and related platforms were not under the jurisdiction of regulators, they would "come to a bad end".
'There are both trading and lending venues, including not only dozens of cryptocurrencies, but sometimes hundreds of them, 'Gensler said at a conference in Beverly Hills, Calif., on Monday. "if it is not within the scope of regulation, it will not come to a good end."
He had previously called the cryptocurrency the "Wild West" and said he wanted stronger oversight of the market. Last week, Republican Senator Pat Toomey called on Gensler to set rules for the industry.
Earlier this month, Coinbase Global Inc. Executive Brian Armstrong commented that SEC is being regulated through a lawsuit. At Monday's meeting, Gensler declined to comment on the matter.