Stifel Financial (NYSE: SF) CEO Ron Kruszewski believes that regulators should implement a “customer protection law” for crypto to keep customers’ money out.
He wants the US Securities and Exchange Commission to increase consumer protection authority, which has existed since the 1970s, that crypto, Kruszewski said in interview on CNBC. While the SEC may think they have no control over the crypto industry, they believe they do. He argues that Congress should tell the SEC that it has an oversight role.
“There is a fire going on in crypto,” Kruszewski said. “We don’t get to choose which fire service should go. Let’s take this on, let’s get a law to protect customers.”
“You can’t get the customer’s money,” Kruszewski said. “You can’t do what FTX did.”
Earlier on Monday the Deputy governor of the Bank of England Jon Cunliffe said that the central bank issued with a digital UK pound would be necessary to achieve it because the recent collapse of the crypto exchange FTX highlights the need to re-monitor the digital economy.