\u201cIt\u2019s really as old as finance in its antiquity. When you mix together a bunch of customer money, non-disclosure and leverage, borrowing against it, and inside these companies trading, investors get hurt\u2026<\/em><\/p>\n This is a very interconnected world in crypto with a few concentrated players in the middle and one of those concentrated players would have the toxic combinations of lack of disclosure, customer money, a lot of leverage, meaning borrowing, and then trying to invest with that. And then when markets turned on him, it appears that a lot of customers lost money and that\u2019s where our mission is, it\u2019s about those customers.\u201d<\/em><\/p>\n Gensler says that the SEC does indeed have clear regulations, and would like to work with crypto platforms to protect the public but will litigate if necessary.<\/p>\n \u201cLook, I think that investors need better protection in this space. But I would say this, this is a field that\u2019s significantly non-compliant. But it has got regulations and those regulations are often very clear. And we have multiple paths. One path is working with those crypto exchanges, and crypto lending platforms and to get them properly registered. And why that matters is that so the public is protected. But we have another path which is enforcement. <\/em><\/p>\n We\u2019ve brought, between my predecessor and the teams now at the SEC, at least 100 actions in this case. And we\u2019ve been very clear in these various enforcement actions. We had a big win even this week on a crypto token called LBRY where a court clearly said, \u2018You\u2019ve been on fair notice and yes, this is a security under the securities law.\u2019\u201d<\/em><\/p>\n Bloomberg News previously reported<\/a> the SEC had begun \u201cmonths ago\u201d investigating FTX\u2019s US arm, FTX US.<\/p>\n [embedded content]<\/p>\n I<\/span><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get crypto email alerts delivered directly to your inbox <\/span><\/em>
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