During the hearing before the Financial Services and General Government subcommittee of the House of Representatives, Gensler was questioned about the likelihood of a new regulatory category for digital assets. In his response, he asserted that the size of the industry makes it challenging to create sufficient consumer protections. According to him, despite the thousands of cryptocurrencies, his agency has only brought 75 actions.

He goes further to opine that the best place to implement consumer protections is at crypto exchanges.

However, to make this work, Gensler believes that the agency will need more funding. Recall, that the Internal Revenue Service (IRS) recently received $80 billion to expand its resources and manpower. Gensler may just get the funding he seeks from Biden.

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