Social media should not influence markets – SEC chair
Chairman of the United States Securities and Exchange Commission Gary Gensler (pictured) stated on Friday that social media platforms should not have the power to influence markets.
Commenting on the crypto market reactions to Elon Musk’s tweets on Dogecoin during a CNBC interview, Gensler stated that “rules need to be updated” to ensure that social media platforms cannot be used to influence trading. He also commented in general on the crypto markets saying that they “represent a gap in our system,” and that there needs to be “greater investor protection regarding crypto tokens.”
Yesterday, Gensler called for crypto market regulation, a statement he reiterated during the interview, saying that the SEC will work with Congress if “they see fit to act on crypto tokens.”
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