SEC Chairman Gensler Issues Strong Warning to Crypto Industry on Legal Compliance
In an interview with CNBC during DC Fintech Week, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler issued a stern warning to the crypto industry, emphasizing the importance of compliance with existing securities laws.
Gensler urged crypto trading platforms, such as the collapsed FTX exchange, to rebuild under new leadership and adhere fully to regulations. He stressed the need for platforms to establish trust with investors, avoid commingling functions, and refrain from trading against customers or misusing users’ crypto assets.
Gensler asserted that current securities laws are robust enough to govern the crypto space, highlighting the necessity of enforcement. He also pointed out the prevalence of non-compliance with international sanctions and money laundering laws within the crypto industry, emphasizing the SEC’s commitment to keeping non-compliant actors out of the markets.
Clever Robot News Desk 12th November 2023
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