In his latest attack on crypto, SEC Chair Gary Gensler says that the crypto industry is “full of fraud, abuse, and misconduct.” Gensler spoke today at the Capitol to testify in front of the Senate Banking Committee.
In regards to the cryptocurrency industry, Gensler says “If they were to live up to the invested protection built into their current laws, it would help investors. But right now, unfortunately, there’s significant noncompliance, and it’s a field that is rife with fraud, abuse, and misconduct.”
Also Read: SEC Chair Gary Gensler Doubles Down on Crypto as a Security
Gensler hasn’t been one to shy away from talking down about the crypto industry. He has said countless times in the past that it is a fraudulent industry. In July, Gensler warned investors that crypto is “rife with fraud, rife with hucksters,” in a conversation with Bloomberg.
Technology, markets, and business models continue to change dramatically. We now live in the age of electronic trading and generative AI. We’ve had dramatic growth in the scale, size,
SEC Chair Gary Gensler Testimony to Senate Committee Tuesday.
and interconnectedness of our capital markets, with individual investors participating more than ever before. Further, there are other fast-growing economies that, if they can, may seek to supplant
us.
The Senate Committee brought Gensler in as a witness on overseeing the SEC. Multiple cases have been brought up against the SEC over its decisions on crypto recently, including its decisions on spot bitcoin ETF applications and other regulations. In addition, the notion has circled around to fire Gensler, but this decision doesn’t appear to be coming in the near future.