Gary Gensler, chairman of the United States Securities Exchange Commission (SEC), responded to allegations that the crypto space is making it more complex and challenging to enter the mainstream.
Will the SEC chief be able to block crypto from the mainstream?
According to Gensler, the regulator’s initiatives are aimed at protecting investors while leveraging existing tools to ensure market participants comply with regulations, including speaking directly to them.
Gensler, who has previously faced criticism for allegedly strangling the crypto industry, admitted that only a few tokens have registered agents, but expressed concern about conflicts in business models.
“We are using all available tools. We are talking directly with market participants. We hold the meetings, we say that you sleep like this. Casinos where people invest and need to fit and solve these bundled products properly. The business model they have created is full of conflicts. We are here to try to protect the investing public.” said.
Technology neutrality in regulations
The head of the SEC stressed the importance of technology-neutral regulations, noting that this is the agency’s aim. At the same time, he pointed out that the cryptocurrencies space needs ‘time-tested rules and laws’ to protect investors.
Executioner “If this space has any chance of survival and success, it is time-tested rules and laws to protect the investor public. Public disclosure, full, fair, and truthful disclosure, addresses conflicts and separates these merged businesses and does not put your hand in the customer’s pocket using the customer’s money, rights, or own funds. he added.
Gensler’s latest sentiment comes after the SEC launched a new attack on the crypto space targeting the staking industry. In particular, the SEC has ended its staking operations by reaching an agreement with the cryptocurrency exchange Kraken.
Commenting on the matter, Gensler stated that Kraken did not comply with the law and that the deal was part of the SEC’s ‘fundamental bargain’. He stated that the trading platform did not implement full, fair and truthful disclosure measures.
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