SEC Chairman Issues Stark Warning to Crypto Exchanges..
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), has delivered a strong message to cryptocurrency exchanges, urging them to comply with existing regulations. The SEC is currently locked in high-profile legal battles with major platforms like Coinbase, Kraken, and Binance. In a recent interview with CNBC, Gensler emphasized the agencyâs commitment to safeguarding investors from the risks posed by unregulated exchanges.
Gensler highlighted the troubling trend of fraud and scams in the crypto sector, calling it a space "rife with fraudsters, scammers, and grifters." He pointed out that several high-profile crypto figures from 2022, such as former FTX CEO Sam Bankman-Fried, ex-Binance CEO Changpeng Zhao, and Terraâs Do Kwon, are either facing jail time or awaiting extradition. His remarks underscored the SECâs focus on holding individuals accountable and ensuring the sector operates within the legal framework.
Addressing the ongoing debate about regulatory clarity, Gensler argued that the current securities laws, which have been effective for over 90 years, provide sufficient guidance for crypto businesses. He firmly stated that investors, regardless of where assets are stored, need basic protections. While some industry leaders are pushing for clearer regulations, Gensler believes the rules are already well-established. Although the SECâs tough stance on crypto has faced criticism from some lawmakers, others, like Senator Elizabeth Warren, support the agencyâs approach. Gensler and other SEC officials are expected to face further scrutiny in Congress next week.
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