SEC Chair Gensler Calls Crypto ‘Outsized Piece of Frauds and Scams’

Juhi Mirza

The Head of the US Securities and Exchange Commission, Gary Gensler’s stance towards the cryptocurrency vertical is nothing short of brutal.

Gensler has always been upfront with his ferocious comments, stressing the fact that the crypto vertical is nothing but an abomination responsible for spreading mayhem in the US financial circuit.

In his latest interview with CNBC, Gensler once again spoke negatively about the sector, claiming that the crypto market is heavily “outsized” and is rife with multiple frauds and scams.

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Gensler Criticizes Crypto, Again!

Source: CNBC

The head of the US Securities and Exchange Commission Gary Gensler, in his latest interview with CNBC, spoke volumes about the crypto market. He shared how the cryptocurrency market has become an outsized piece of scams and frauds, promoting deceptive practices in the space.

Gensler later shared how he thinks that the sector is not yet covered by “protections of the security laws”, making it a problematic market to engage with and explore.

“We oversee a $110 trillion capital market. About half of that is the stock market, and half of it is bonds and other markets. Crypto is a small piece of our market, an outsized piece of the scams, frauds, and problems in our markets because, before prejudging any token, much of this field is not compliant with the protection of our securities laws.” Gensler opined

Gensler Shares His Stance on Crypto

In the interview further, Gensler reiterated his strict stance on the crypto vertical, sharing reasons for carrying out frequent crackdowns on the sector.

The SEC Chair shared how he believes the sector is not transparent with its investors, compelling them to land in troubled waters.

“Investors get to decide as long as they get the full, fair, complete, and true truthful information, I would say, and they are not getting that in crypto. I genuinely think they are not getting that in crypto,” Gensler later added.

Also Read: SEC To File Lawsuit Against Robinhood’s Crypto Business

When questioned about the SEC’s priorities and its focus on the broader financial vertical, Gensler responded that the media has also been playing a pivotal role in streamlining crypto proceedings instead of the stock market and other important verticals.

“I’ve been on your show a dozen times, and in every show, you ask about crypto, and my guess is this will be the majority crypto interview while the capital markets are $110 trillion.”