SEC Chairman Gary Gensler expressed his concerns about the cryptocurrency markets at an Investor Advisory Committee meeting last week.
Gensler: Cryptocurrency investors are vulnerable
During his talk, Gensler shared some concerns regarding the crypto markets. cryptocoin.com As we reported, in August Gensler said that Bitcoin creator Satoshi Nakamoto’s “innovation is real” and “is and can continue to be a catalyst for change in finance and money.” Gensler told the Investor Advisory Committee “Cryptos; It is an asset class that belongs to public policy frameworks to protect investors, protect against illegal activity and protect our financial stability,” he added.
Unfortunately, this asset class is fraught with scams, fraud and abuse in certain applications… In many cases, investors do not get rigorous, balanced and complete information about tokens or trading and credit platforms. We do not currently have adequate investor protection in crypto. The US public buys, sells and lends crypto on trading, lending and DeFi platforms where there are significant gaps in investor protection.”
Gensler stated that this situation makes the markets open to manipulation and leaves investors vulnerable; He worries that many people will be harmed if these issues are not addressed. Gensler explained that many crypto “tokens are offered and sold as securities.” “There is actually a lot of clarity on that front,” he said, commenting on whether a token should be considered a security. The head of the SEC stated that many tokens in the crypto markets “can be unregistered securities without the necessary disclosures or market surveillance.” He concluded his speech by recommending that crypto platform operators or token issuers speak to the SEC.
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