Speaking in an interview with Bloomberg News, Gensler said he’s concerned that crypto exchanges aren’t putting up proper walls between different parts of their businesses such as custody, market-making, and offering a trading venue. He said the “commingling” of services may not be in clients’ best interests.
The securities regulator also raised issues with stablecoins, digital assets that are typically pegged to the dollar or another fiat currency. The three largest stablecoins — Tether, USD Coin, and Binance USD — are all affiliated with exchanges, Gensler said in the interview. The largest stablecoin, Tether, which has an $83 billion market value, has ties to the people behind the Bitfinex crypto exchange. Another major one, USDC is issued by a consortium of several companies including Coinbase Global Inc. The world’s biggest crypto exchange, Binance, is connected with Binance USD, which has a $17 billion market value.where it says its stablecoin adheres to “strict guidelines and remaining transparent with the user community.
Concerns around stablecoins have also proliferated in the past week on Capitol Hill after TerraUSD, or UST, lost its peg to the dollar over the weekend.
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