In the Aspen Security Forum, Gensler requested authority from the US Congress to regulate cryptos strongly describing them as a Wild West full of fraud, scams and abuse.
There is something to be said about the leader of the organisation that allowed Madoff to run a Ponzi for decades speaking about crypto being a problem, but to be honest I cannot blame him. While the majority of the crypto community are honest people, the naivety of many has given wings to the thieves and fraudster. My take is that regulations, particularly in US are not going to make a difference for most people.
At the same time, he is admitting that crypto will become mainstream.
