Gary Gensler, Chairman of the U.S. Securities and Exchange Commission Warned So-called cryptocurrency exchanges must follow the rules.
The SEC is currently engaged in a legal battle with major exchanges including Coinbase, Kraken and Binance.
During the period Wednesday's Interview Gensler stressed to CNBC that the SEC will continue to protect investors.
Related
“This space is rife with scammers, con artists and charlatans,” Gensler stressed.
The SEC chief pointed to the fact that some of the biggest names in crypto in 2022 are currently incarcerated or awaiting extradition. Gensler was, of course, referring to former FTX CEO Sam Bankman Freed, former Binance CEO Changpeng Zhao, and Terra co-founder Do Kwon.
The rules are clear
Gensler also said there was “no conflict” between this area and the fundamental protections of securities law.
“Even if they do keep something on the books, investors need to have basic safeguards in place,” he added.
While many industry leaders have called for regulatory clarity, Gensler believes that 90 years of functioning securities laws already provide sufficient regulatory clarity.
Related
The SEC's anti-cryptocurrency policies have been criticized by some lawmakers from both parties, but there are some members of Congress who support the SEC's approach, such as Senator Elizabeth Warren.
As U.Today reportedGensler and other SEC commissioners are scheduled to face grilling in Congress next week.
