Richard Gabbert is Chief of Staff of the Securities and Exchange Commission’s Crypto Task Force. From January 2018 to January 2025, he was counsel to Commissioner Hester Peirce. Prior to joining the Commissioner’s office, he was a Senior Special Counsel in the Office of Derivatives Policy in the Division of Trading and Markets at the SEC, where he focused on the implementation of derivatives market reforms required by Title VII of the Dodd-Frank Act. He has been involved extensively in several Title VII rulemakings, including rules further defining “security-based swap dealer” and “major security-based swap participant” and rules addressing the cross-border regulation of derivatives markets. Richard participated in the Mansfield Fellowship Program from 2016 to 2017, during which he worked at the Financial Services Agency and the Bank of Japan, among other organizations.
Roundtable Room 1, Ground Floor
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In recent years, the function of popular cryptocurrencies has shifted. While originally designed as payment instruments, they are nowadays more frequently used as highly volatile investment objects by a variety of investors including retail investors. While a BIS Working Paper showed that between 2015 and 2022 an estimated 73-81% of retail investors have likely lost money on their initial investment in Bitcoin, recent reviews by IOSCO and FSB found that investor protection is still underdeveloped in this area.
This raises the question how and to what extent investors, especially retail investors, must be protected. Starting with a discussion on the available data, the panellists will discuss gaps in current regulation and concepts for an appropriate cryptocurrency regulation architecture in the area of (retail) investor protection.