Frequently warning investors about cryptocurrencies Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC)Another warning came from.
Speaking on CNBC’s Squawk Box, Gensler was asked many questions, from the collapse of FTX to Kim Kardashian.
Asked why the SEC is taking action against famous token supporters like Kim Kardashian, Gensler “It often takes time to build evidence, to establish facts” said.
“The crypto market is not like the NYSE or the Nasdaq.
These platforms are interrelated. They take people’s money and trade against them.
They have a toxic combination where they don’t have much transparency and then trade against their clients. That’s why it takes time to build evidence.”
Gensler, who did not respond to questions about FTX, stated that he did not want to comment on the details and specifics of FTX’s failure, citing ongoing investigations into FTX.
However, still pointing to the failure of FTX, Gensler said: crypto- to U.S. investors, describing the industry as largely non-compliant. “Be careful with crypto” warned.
Cryptocurrency Emphasizing that investors should be protected, Gensler said:
“The rules and laws are clear. But don’t assume that crypto firms follow the rules and laws followed by traditional exchanges or non-crypto financial firms.
That’s why I think investors need better protection in this area.
Crypto is an area that is significantly out of alignment, but this area also really needs to adapt.
Investors around the world are hurting. The public can fall into the trap of celebrity promotions.”
Finally Terra LunaNoting the failure of , Gensler described the collapse of Terra. “toxic combinations meaning lack of explanation, customer money, too much leverage, i.e. borrowing” describing it as “We warned crypto companies” said.
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