"Right now, the exchanges trading in these crypto-assets do not have regulatory framework either at the SEC or other sister agency, the Commodity Futures Trading Commission. That could instill great confidence. Right now, there's no market regulator around crypto exchanges, and thus there's really no protection gains fraud or manipulation," Gensler said during a virtual hearing held by the House Financial Services Committee.
Earlier this week, Treasury Secretary Janet Yellen also conceded that the US doesn't have an "adequate" regulatory framework for cryptocurrencies and that this is a topic "well-worth" addressing.