SEC Chairman Talks About The Case That Dumped Bitcoin!

SEC And President Gary Gensler finally cryptocurrency stock market KrakenIt came to the fore with the lawsuit he filed against .

Going to settle with the SEC, Kraken agreed to pay $30 million to the SEC and cease its Crypto Asset Staking Program in the US.

After this deal CNBCSpeaking to ‘s Squawk Box, Gary Gensler made important statements about Kraken.

The SEC chief said platforms like Kraken can offer such contracts, but they must be complete, fair and truthful.

“Companies like Kraken may offer investment contracts, but they must have full, fair and truthful disclosures.

However, Kraken did not obey the basic law. This is the basis of our agreement.

Because 330 million Americans are under our protection.

Kraken knew how to register, others know how to register, it’s just a form on our website…

And if they want to offer staking, we are neutral, sign up because investors need this disclosure.”

To Presenter Gensler “There is a consensus that the SEC is using all available tools to keep crypto out of mainstream financial systems. Is that the choice you made?” posed the question.

Gensler answered this question as follows:

“The business model of crypto is full of conflicts. If this space has any chance of surviving, it needs laws to protect the investing public.

In this context, the SEC’s action against Kraken should wake people up.

Other platforms should take this into account and try to adapt.”

“Companies like Kraken can offer investment contracts but they have to have full, fair and truthful disclosure,” says SEC Chair @GaryGensler on the settlement with #crypto exchange @krakenfx. “That’s our basic bargain. They were not complying with that basic law.” pic.twitter.com/DisYr4gQKg

— Squawk Box (@SquawkCNBC) February 10, 2023