[Bitcoin Now] Staying in the 70 Million KRW Range... Gary Gensler, SEC Chair, Emphasizes Regulation

Gensler: "Cryptocurrency Exchanges Must Operate Within a Scope That Ensures Investor Protection"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin remained in the 70 million KRW range. Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), stated that while cooperation with cryptocurrency exchanges is possible, enforcement orders can be issued if regulations are not followed.

According to the domestic cryptocurrency exchange Upbit, at 2:41 PM on the 2nd, Bitcoin recorded 70.7 million KRW, down 0.33% from the previous day. Although it rebounded to 72.85 million KRW the day before, it slightly dropped back to the 70 million KRW range and showed little change afterward. At 12:22 PM on the same day, it fell below the 70 million KRW mark, recording 69.95 million KRW.

As the cryptocurrency market calmed down, the trading volumes of the four major domestic cryptocurrency exchanges (Upbit, Bithumb, Coinone, and Korbit) also significantly decreased. According to the cryptocurrency market data site CoinMarketCap, as of the same time on that day, Upbit's 24-hour trading volume was $5.47313 billion (approximately 6.444 trillion KRW). On the 26th of last month, it had reached $14.3907 billion. On the same day, Bithumb, Coinone, and Korbit recorded trading volumes of $849.51 million, $158.32 million, and $17.76 million, respectively, showing sluggish performance.

Meanwhile, Chairman Gensler emphasized the need for regulation in the cryptocurrency market. According to U.S. economic media Bloomberg on the 1st (local time), at the DACOM conference hosted by cryptocurrency surveillance service provider Solidus Labs, Gensler said, “The SEC can cooperate with cryptocurrency exchanges regarding issues such as cryptocurrency custody,” but added, “Cryptocurrency exchanges must be registered with the SEC and operate within a scope that protects investors, and if they do not comply with regulations, enforcement orders can be issued.”

Furthermore, Chairman Gensler stressed that decentralized finance (DeFi) should also fall within the regulatory scope. He stated, “The innovation surrounding DeFi may be real,” but pointed out, “If new technologies do not comply with regulations, the industry cannot sustain itself.”

Previously, Chairman Gensler expressed a positive stance on the institutionalization of cryptocurrencies but took a tough position regarding investor protection. In September, during a U.S. Senate Finance Committee hearing, he mentioned Coinbase, the largest U.S. cryptocurrency exchange, saying, “Currently, regulations on cryptocurrency exchanges are inadequate,” and “The SEC needs more support.” He also compared the cryptocurrency market to the Wild West era, emphasizing the necessity of regulation.

This content was produced with the assistance of AI translation services.