US Securities and Exchange Commission (SEC) Chairman Gary Gensler made intense criticism while targeting cryptocurrencies again.
Gary Gensler talked about the cryptocurrency market at a conference commemorating the 15th anniversary of Lehman Brothers, which went bankrupt on September 13. He repeated his negative views. Gensler, cryptocurrency market may undermine investor confidence He emphasized that there is a risk for the financial system.
The President is responsible for the cryptocurrency market without prejudice to any token. Most of them are covered by securities laws. He stated that there was. Gensler also noted that although these tokens are subject to securities law that they are not suitable he underlined.
Gensler also made the following statements:
I have been interested in finance for ten years. I’ve never seen an industry this full of abuse and people trying to get around the law.
Gensler, industry regulatory framework against one acceptance confusion By moving between companies’ jurisdictions while making statements indicating that they live He criticized his efforts to circumvent regulations.
President on the other hand that there is no need for new laws he underlined again. We have laws passed by Congress in anti-money laundering, enforcement areas, securities laws and commodities,” Gensler said.
Small but dangerous
Gensler also describes the cryptocurrency market as full of abuses. spherical And possible damage to the regional financial market also mentioned. In this context, Gensler stated that millions of investors were harmed by the cryptocurrency market and said that the problems in the sector can spread to the broader financial system he emphasized.
The President believes that the cryptocurrency market is quite different from the traditional capital market. Small remains, but only if investor confidence is shaken. The entire market may be affected he emphasized.