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Gary Gensler: Crypto market is like 1920s stock market, full of 'fraudsters'

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SEC Chair Gensler says crypto market is full of “Ponzi schemes' and “frauds” that can only be cleaned up with securities regulations.

In the talk, Gensler praised the Securities Act of 1933 and Securities Exchange Act of 1934, claiming that these laws allowed the U.S. securities markets to “thrive” over the next 88 years. He argued that the “crypto securities markets” of today should also benefit from these laws, as they are not “less deserving of the protections” they provide.against Telegram Open Network, Gensler argued that crypto asset securities are not exempt from securities laws even if they have utility.

Gensler denied that this separation isn’t possible, saying that separating these three functions simply requires work.

 

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