Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), said Tuesday’s sudden collapse of FTX cryptocurrency and said it was part of the pervasive trend in digital assets.
“What Happened In The Crypto Money Market Has Been Going On For The Last 6-8 Months”
Speaking at a conference hosted by the Healthy Markets Association, a nonprofit policy organization, Gensler said:
“What we’ve seen in the last two days is really part of what we’ve seen for the last six or eight months, if I can go back a bit.
Investors suffer when we don’t trust time-tested public policy safeguards.
I don’t think of the last two days apart from what has happened in the last eight months.”
“I don’t consider the last two days apart from what’s happened in the last eight months,” the SEC chairman continued, pointing specifically to the issue of leverage, adding that “we’ve seen a lack of information, lack of transparency, use of other people’s money and forward trading.”
“The investing public is hoping for a better future and they can’t get it here,” Gensler added.
The recent turmoil in the market is linked to the seeming failure of FTX, one of the world’s largest crypto exchanges, which cares about putting forward its own vision for policy making in Washington DC.
in financial difficulty bitcoin exchange FTX announced that it is in full purchase negotiations with Binance. However, Binance has recently publicly announced that they have withdrawn from the deal.
*Not investment advice.
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