Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), reinforced his examples of violations of US securities laws on BlockFi and Coinbase.
In written statements for the Practical Law Institute’s Annual Institute for Securities Regulation on Nov. 2, Gensler said the SEC’s crypto lending firm to BlockFi and Coinbase’s used examples of sanctions against a former employee to justify the agency’s actions for violations of US securities laws.
Gensler made the following statements in his statement on the subject:
When BlockFi failed to record offers and sales of a crypto lending asset and made materially false and misleading statements about the securities in question, we blamed them. When BlockFi failed to record offers and sales of a crypto lending asset and made materially false and misleading statements about those securities, we also blamed them.
According to court records, the SEC September 30 against companies More than 700 sanctions cases and as a result of these lawsuits, the total value $6.4 billion about the court decision and the order 4 billion dollars in civil fines.
Gensler, for firms offering financial products “come and talk to usHe reiterated his message, stating that it gave them a chance to “cooperate with the SEC’s investigation and correct their misconduct.” SEC Chairman says sanctions against crypto firms in May budget request in 2023 arguing that it would also be within the scope of the commission,fraud is fraud” he stated:
Regardless of the types of investors you defraud and the types of securities used in the fraud, fraud is fraud.