Following his statements at the US congress, SEC Chairman Gary Gensler spoke at a conference on Wednesday. Gensler renewed his harsh stance against the cryptocurrency industry. The SEC Chairman said he has never seen an area so full of abuses and people trying to get around the law.
SEC Chairman: Millions of investors suffered losses in the crypto space!
cryptokoin.comAs you follow from , SEC Chairman Gary Gensler is swinging like a ‘sword of Damocles’ over the crypto space. The SEC Chairman spoke Wednesday at a conference hosted by Better Markets to mark the 15th anniversary of the collapse of Lehman Brothers at the height of the 2008 financial crisis. Gensler renewed his harsh stance against the crypto industry in his comments. In this context, “This crypto space is largely covered by securities laws, without prejudice to any particular token. “But unfortunately, most of them are not compatible,” he said.
Gary Gensler said millions of investors have been harmed by crypto. He also noted that it was possible for the sector’s troubles to spread to the broader financial system. In this regard, Gensler made the following statements:
Millions of investors suffered losses in this area. This is an area that could hurt investors, but it could also hurt the broader economy. Because it can damage investor confidence. Because finance is ultimately built on trust.
“There was a connection between failed banks and crypto.”
Gary Gensler, meanwhile, downplayed the scale of the overall crypto economy. In that vein, he said it was “a little bit small” compared to the “$100 trillion capital market.” “It’s relatively small, but it could really hurt investor confidence,” Gensler continued. Additionally, Gensler noted that there are direct connections between the crypto space and some regional banks that failed earlier this year.
According to Gary Gensler, this field is full of abuse!
The SEC Chairman stated that he has been in the financial world for decades. In this regard, he said that he had never seen an area so full of abuses and lawless people. Gensler did not ignore the support of celebrities to the cryptocurrency field. He also criticized legal efforts to arbitrage between rules and laws in various jurisdictions. But he added that there was no need for new rules and legislation. The SEC Chairman used the following statements when explaining his views on this issue:
We have rules. We have rules! Whether it’s in the area of anti-money laundering and enforcement, whether it’s securities laws, whether it’s commodity exchange laws, these are called laws that Congress has passed. We have laws that Congress passed.
Gensler, meanwhile, did not respond to the moderator’s remark about “some sympathetic judges” in recent cases.
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