US Securities and Exchange Commission (SEC) Chairman Gensler, during a hearing in the European Parliamentary Committee on Economic and Monetary Affairs, called on European lawmakers to cooperate with Washington in regulating the cryptocurrency market.

He recalled cases of fraud and abuse that are practiced on certain crypto platforms. According to Gensler, the industry must adopt a new international regulatory framework if it wants to grow and develop. “Financial innovation has briefly flourished outside the public policy throughout history,” he said.