Gensler Insists Crypto Industry Needs Basic Protections, Disputes Lack of Regulatory Clarity

📆 18/09/2024 21:32:00
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Cryptocurrency,SEC,Gary Gensler

SEC Chair Gary Gensler emphasized the need for basic investor protections within the cryptocurrency industry, arguing that existing securities laws are sufficient. He cited high-profile cases involving jailed or extradited crypto figures like Sam Bankman-Fried and Changpeng Zhao to highlight the prevalence of fraud in the sector.

The SEC boss pointed to the fact that some of the biggest crypto figures from 2022 are now either in jail or awaiting extradition. Gensler, of course, was alluding to former FTX CEO Sam Bankman-Fried, former Binance CEO Changpeng Zhao, and Terra co-founder Do Kwon. Gensler has also stated that there was"nothing incompatible" about the field and basic protections in the securities laws.

"If you store something on an accounting ledger…investors still need to have basic protections," he added. While many industry leaders have been clamoring for regulatory clarity, Gensler is convinced that there is already enough regulatory clarity, arguing that the securities laws that have worked for 90 years. The SEC's anti-crypto policies have been criticized by some lawmakers from both parties. However, the agency's approach also has some proponents on Capitol Hill. Case in point: Elizabeth Warren.

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