SEC Chair Gensler says crypto investors need better protection

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• SEC Chairman Gary Gensler said investors need better protection in the wake of the fallout from the implosion of crypto exchange FTX.
• "I think investors need better protection in this space," Gensler said in a CNBC interview. "This is a field that is significantly non compliant, but it's got regulations and those regulations are often very clear."
• "The runway is getting shorter," Gensler said. "Beware this is highly speculative, it is regulated, but without prejudging anyone's circumstance, largely non compliant."
• "When you give somebody your token and they go down, you are going to just stand in line in a bankruptcy court and they may be taking your token and doing all sorts of things without proper disclosure," Gensler said.
• Earlier Thursday Galaxy Digital's Novogratz said FTX news is a "body blow" to crypto industry trust.

Comments

[Stevaaayyy]

Why does he never just say this industry is a scam? That would be the responsible thing to do.

[renewable_energy_is_marketing]

re: "I think investors need better protection in this space."
I wonder if the number one way small retail investors get rekt is from youtubers and other social media influencers. The furu influencers dispense their wisdom as "not financial advice" while they funnel unwitting retail into their subscription-based echo-chambers or gang up with other influencers for pump-and-dump or * and this is a guess, yet IMO demands investigation) do some of these influencers receive money besides referral fees (from what parties?) to pump "decentralized" coins?

[renewable_energy_is_marketing]

From Rep. Tom Emmer today:
"Interesting. GaryGensler runs to the media while reports to my office allege he was helping SBF and FTX work on legal loopholes to obtain a regulatory monopoly. We're looking into this."
twitter.com/...

[elmotrip52]

Thanks but the headline should read: This is what Gary means: There are regulations but many crypto coins don’t abide by the rules. So you better look hard and look twice before speculating on these deals. We only have so much staff to police this stuff and it’s doing the best it can. The $100 trillion of stocks, bonds, options etc. is a priority.

[jemini52]

Crip toe is a ponzie scheme. The RICO Act should be used in the prosecution. Three card Monty. Shuffling pea pod game on the street has better odds.

[TraderJoeZ]

🤯🤯

[Hueffel]

It needs a coin authority based on the moon.

[Djreef1966]

What the hell does that mean?

Common sense?