Gensler Discusses Approval of More Token ETFs Gensler cites lack of investor protections in cryptocurrency markets when discussing ETFs SEC Chairman Gary Gensler was questioned today on CNBC's Squawk on the Street about the possible approval of exchange-traded funds (ETFs) indexed to tokens such as Osmosis (OSMO) and Bonk (BONK) in the US. Jim Cramer, one of the show's hosts, highlighted how numerous tokens have registered millions of trading volumes "this morning" and questioned whether the US would have to have "some products" to get that volume. 💬 “Let me expand a bit on crypto markets: Right now, without prejudging, these tokens, whether it's the ones listed by Jim or the other tokens, have not provided you with the information you need not only to make investment decisions, but also as required by law," Gensler said. He adds that the role of the SEC is to ensure investor disclosure and proper regulation of exchanges to prevent fraud, market manipulation, and avoid trading against their customers. 💬 “And these crypto exchanges, Jim, are doing something we would never allow this New York Stock Exchange. Our laws do not allow you to trade against your customers.” In addition, Gensler mentions cases of cryptocurrency bankruptcies. Although he did not name specific companies or their former executives, the SEC chairman hinted that his remarks refer to Do Kwon, the former CEO of Terraform Labs, who is facing extradition proceedings after his arrest in Montenegro. 💬 “Some of the leaders in this industry are either prisons, or going to prison, or awaiting extradition […] This is a sub-optimal situation for investors. You're investing in an area right now that you're not getting enough exposure for,” Gensler concludes on the next topic of crypto ETFs.

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