Bitcoin falls 4% after Biden nominee Gary Gensler says SEC will seek to eliminate fraud and manipulation in crypto markets
Bitcoinfell as much as 4% on Tuesday after SEC Chairmannominee Gary Genslertestified that he would seek to eliminate fraud and manipulation from crypto markets.
- Gensler said that the investor protections the
SECseeks to enforce should ensure that cryptomarkets are "free of fraud and manipulation."
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
View all Offers
- 8% OFF
OnePlus 9R 5G (Lake Blue, 8GB RAM, 128GB Storage)₹ 36999₹ 39999Buy On
- 11% OFF
iQOO 7 Legend 5G (Legendary Track Design, 8GB RAM, 128GB Storage) | 3GB Extended RAM | Upto 12 Months No Cost EMI | 6 Months Free Screen Replacement | Extra Rs.3000 Off on Exchange₹ 39990₹ 44990Buy On
- 23% OFF
Redmi 9 (Sky Blue, 4GB RAM, 64GB Storage) | 2.3GHz Mediatek Helio G35 Octa core Processor₹ 8499₹ 10999Buy On
- 11% OFF
Samsung Galaxy Z Flip3 5G (Phantom Black, 8GB RAM, 256GB Storage) with No Cost EMI/Additional Exchange Offers₹ 84999₹ 95999Buy On
- 13% OFF
Redmi 9 Prime (Mint Green, 4GB RAM, 64GB Storage)- Full HD+ Display & AI Quad Camera₹ 10499₹ 11999Buy On
Bitcoin shed as much as 4% on Tuesday following Senate testimony from President Joe Biden's nominee for Chairman of the Securities and Exchange Commission, Gary Gensler.
Gensler said that the SEC would seek to enforce investor protections in the crypto market, including ensuring that the custody of digital assets are safe and seeking to eliminate fraud and manipulation from cryptocurrency markets.
The SEC must ensure that crypto markets "are free of fraud and manipulation, and I think that's the greater challenge, frankly, because some markets, usually operating overseas, have been rife with fraud," Gensler said.
Bitcoin traded just below $50,000 Tuesday morning, before falling to $47,190 as of 2:15 p.m. Gensler has been viewed as an advocate for cryptocurrencies, given his past work and teachings on the subject at MIT.
Despite the decline on Tuesday, bitcoin is still up more than 60% year-to-date.
- Best plastic stool for home in India
- Best wooden stool for living room in India
- PolicyBazaar’s parent to open its ₹5,700 crore IPO on November 1
- Best coffee and tea mugs for your office or home
- WHO may approve Bharat Biotech's Covaxin 'within 24 hours' for emergency use, according to media reports