Gary Gensler: Crypto market is like Twenties inventory market, filled with 'fraudsters'

In a June 8 speech on the Piper Sandler World Trade & Fintech Convention, United States Securities and Trade Fee (SEC) Chair Gary Gensler in contrast the present crypto market to the Twenties U.S. inventory market, saying that it is stuffed with “hucksters,” “fraudsters” and “Ponzi schemes.” Simply as Congress cleaned up the inventory market by enacting securities legal guidelines, the present SEC may also clear up the crypto market by making use of these legal guidelines, he argued.

Within the speak, Gensler praised the Securities Act of 1933 and Securities Trade Act of 1934, claiming that these legal guidelines allowed the U.S. securities markets to “thrive” over the subsequent 88 years. He argued that the “crypto securities markets” of at the moment must also profit from these legal guidelines, as they don’t seem to be “much less deserving of the protections” the legal guidelines present.

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