Crypto’s Wild West Days May Be Coming to an End

Joseph Kennedy, the first chairman of the Securities and Exchange Commission, lived by a simple credo: “Honest business need not fear the SEC.”

Keep in mind that Kennedy was not a popular choice for the commission’s first seat, with future SEC chairman Jerome Frank saying the nomination was “like setting a wolf to guard a flock of sheep.”

Gary Gensler, the current SEC chairman, recalled Kennedy’s line on honest companies during a Sept. 8 speech on cryptocurrency.

‘Working with Congress’

“Nothing about the crypto markets is incompatible with the securities law,” he said. “Investor protection is just as relevant regardless of the underlying technologies.”

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