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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

Some of that concentration is because it is the large exchanges, the crypto-exchanges, like Coin Base has 20 million accounts.

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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

To some extent it is not surprising, because most small economics ends up with some centralization.

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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

On top of that, rigorously require crypto-exchanges to register, and you may need to pass a law to do that, but to make sure they register and that all the AML, anti-money laundering and know your customer is being done there.

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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

The Bank of China particularly is looking at it very closely because they are worried.

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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

If they had determined that way back in 2015, at the time they would have had to give some full and fair disclosure.

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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

The unregulated underlying crypto-cash market is a mess.

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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

To reach its potential, I feel strongly that for public confidence to reach its potential, we need to bring it inside the world that we know.

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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

This new technology could lower costs and risks in the financial sector.

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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

Blockchain technology, I believe, has a real potential to transform the world of finance because it is about money.

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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

In the first category, the investor type that would be under the SEC.

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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

The CFTC needs to have additional authorities about that underlying what I would call cash crypto-market, it is 70 percent of the market.

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Gary Gensler
@garygensler· Democratic · DC· Jul 17, 2018

This is going to take 2, 3, 4 years before the SEC really cleans up this space, can they go faster, can we do it right, but it is going to take some time.

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Jerome Powell
@jeromepowell· Republican · DC· Jul 17, 2018

Trade is really the business of Congress, and Congress has delegated some of that to the Executive Branch.

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Jerome Powell
@jeromepowell· Republican · DC· Jul 17, 2018

It is unsustainable to have effectively the U.S. housing finance system on the government's books for the long run.

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Jerome Powell
@jeromepowell· Republican · DC· Jul 17, 2018

I think it is very clear that some countries, and China in particular, have less open trading systems than we would like.

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Jerome Powell
@jeromepowell· Republican · DC· Jul 17, 2018

I strongly agree with you that trade needs to be fair as well as free.

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