Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), crypto para He issued a stern warning to the industry, saying its future depends on stronger investor protections.
Speaking in an interview on CNBC’s Squawk Box today, Gensler reiterated his long-time call for more transparency and regulation in the crypto market.
Gensler noted that there are numerous market disruptions troubling the industry, pointing to the collapse of major cryptocurrency companies in 2022. Losses included high-profile names such as crypto exchange FTX, now run by convicted CEO Sam Bankman-Fried, as well as hedge fund Three Arrows Capital and lenders Celsius and Genesis.
Bankman-Fried was sentenced to nearly 25 years in prison on fraud-related charges, and Alameda Research co-CEO Caroline Ellison received a two-year sentence for her role in the collapse of FTX. Former Celsius CEO Alex Mashinsky is currently awaiting a sentencing hearing early next year.
Gensler said the following on the subject:
“Just look at the leading names in this space, in the crypto space, just two years ago. Many of them are in prison now, and I’m not just talking about SBF, there have been tens of billions of dollars in losses and bankruptcies and things like that. “What innovative field in America can survive without building trust in that field and protecting investors or consumers?”
Gensler stated that the survival of the sector depends on appropriate regulations and said: “This field will not survive for a long time without investor protection or consumer protection.”
A fierce critic of the crypto industry’s current regulatory environment, Gensler has consistently argued that most cryptocurrencies should be classified as securities, thus requiring platforms to register with the SEC. However, he acknowledged that Bitcoin is an exception and reaffirmed that it does not fall into the category of a security.
“Regarding Bitcoin, my predecessor and I said that it is not a security,” Gensler said. “Now you have a way to actually express that view, to buy it through exchange-traded products.”
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/sec-baskani-gary-genslerdan-bitcoin-ve-kripto-para-aciklamalari-geldi-uyardi/
