SEC Chair Gary Gensler Warns Crypto Exchanges to Play by the Rules

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), issued a strong warning to cryptocurrency exchanges, urging them to follow the law. The SEC is currently battling major platforms like Coinbase, Kraken, and Binance in court. During a recent interview with CNBC, Gensler stressed the agency’s commitment to protecting investors from the risks posed by unregulated platforms.

He pointed out the alarming rise in fraud and scams within the crypto space, referring to it as a sector "filled with fraudsters, scammers, and con artists." Gensler mentioned several high-profile crypto figures from 2022, such as former FTX CEO Sam Bankman-Fried, ex-Binance CEO Changpeng Zhao, and Terra’s Do Kwon, who are either facing charges or awaiting extradition. His comments made it clear that the SEC is laser-focused on holding individuals accountable and ensuring that crypto businesses comply with the law.

While there’s been ongoing debate about the need for clearer regulations in the industry, Gensler argued that the current securities laws, which have worked for over 90 years, are enough for crypto businesses to operate within. He emphasized that no matter where assets are held, investors deserve basic protections. Despite criticism from some lawmakers over the SEC’s strict stance on crypto, others, like Senator Elizabeth Warren, back Gensler’s approach. Next week, Gensler and SEC officials will face more scrutiny in Congress over their regulatory stance.

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