SEC Chair Gary Gensler Insists Crypto Field Is 'Rife With Abuses and Fraud'

[sirty143]

SEC Chair Gary Gensler Insists Crypto Field Is 'Rife With Abuses and Fraud'

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has reiterated that the crypto industry is filled with instances of abuse and fraud, citing a significant number of bankruptcies in recent years. He also cautioned investors in spot bitcoin exchange-traded funds... See more for yourself here.

Your opinion is greatly appreciated.

[Baofeng]

He mentioned about bankruptcies in the 2022-2023 era. In defense, that is the time wherein we are in a bear market. And with that, it's hard for anyone to survived that time. And I guess this is the things that traditional investors didn't known about the market.

There are a lot of uncertainties, there could be abuse and fraud, but it's up to the people themselves to invest on projects. It will pull the rugpull then too bad, but we always warn users to be very careful and do your own research before investing your hard earn money.

[TomPluz]

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has reiterated that the crypto industry is filled with instances of abuse and fraud, citing a significant number of bankruptcies in recent years. He also cautioned investors in spot bitcoin exchange-traded funds.

And that is precisely why that aside from focusing a lot of energy to wage a war with crypto players, it should also press for passing regulatory laws that can cover the whole industry and will define once and for all the many vague areas so as to lessen  confusion and chaos in doing crypto-related business. SEC should be working with the industry to produce more clarity and compliance instead of the kind of things it is doing right now under Gary Gensler. And I think Congress is very much willing to look into all of these matters if there is a strong signal coming from the Biden administration but so far it is all talk and nothing concrete yet.

[Z-tight]

Gary Gensler has been saying things like these for a very long time, it is not new anymore; yes there are abuses, fraud and bankruptcies in the crypto industry, but the same way it exists in other industries and institutions that are not related to crypto. I agree that people should be careful when buying crypto and they should do their own research, but having Gensler say it every week now feels like he does not even care or have any concern for investors, but just directly attacking the industry.