SEC chief signals new regulations for Robinhood, other trading apps
SEC Chairman Gary Gensler testified before the House on GameStop and other ‘meme’ stock trading. FOX Business’ Edward Lawrence with more.
Coinbase, the largest publically held cryptocurrency exchange, is onboard when it comes to getting the ball rolling on regulation after Securities and Exchange Commission Chairman Gary Gensler said the exchanges operating in the $2 trillion market, favored by the likes of Elon Musk, have no oversight.
"There is not a market regulator around these crypto exchanges and thus there is not protection against fraud or manipulation" Gensler warned during his first official appearance as SEC Chair before the House Financial Services Committee Thursday.
In support, Coinbase’s chief legal officer Paul Grewal said the company can help "get it right."
"We welcome conversations like this about how to get crypto regulation right. In fact, we'd welcome any chance to share our own experience @coinbase with what works for consumers, users and law enforcement–and what doesn't" Grewal said in a tweet.
COINBASE BACKERS INCLUDE MARC ANDREESSEN, RAPPER NAS
Coinbase, which made its debut as a public company via a direct listing, opened for trading at $381 apiece and climbed as high as $429.54 before settling at $328.28. The Nasdaq set a reference price of $250.
CLICK HERE TO READ MORE ON FOX BUSINESS
The stock is currently trading around $263 per share as of Friday.
Gensler also suggested, Congress needs to get more aggressive in the space.