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Gary Gensler: 'Crypto Needs to Build Trust,' Emphasizes Bitcoin's Insecure Status

Bitcoin General

In a recent interview, SEC Chairman Gary Gensler emphasized the need for investor trust and protection in the crypto industry, stating the industry will not survive without both.

Last updated:

September 27, 2024 at 18.20 WIB

Journalist

Hassan Shittu

In a recent interview with CNBC, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler reiterated the need for trust to be critical in the cryptocurrency industry, comparing crypto to historical innovations like the automobile.

He stressed that innovation, while important, can only thrive with trust and transparency. Referring to the SEC’s role as a “police officer on duty,” he described the importance of regulatory bodies in ensuring market security.

Additionally, he emphasized the idea that the field can sustain itself without strict regulations and proper oversight.

Gensler calls for trust: “Crypto will not survive without trust”

Gensler noted that the SEC's enforcement actions against various crypto companies are intended to create a safe environment for investors.

The action has targeted some of the industry’s most prominent figures, including Sam Bankman-Fried (SBF) and others, many of whom now face prison sentences or large financial fines.

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