Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), once again emphasized the importance of following the rules for cryptocurrency exchanges in a recent interview.
Rules for Crypto Exchanges
During a Wednesday interview with CNBC, Gensler noted that the SEC would continue to protect investors. He pointed out that the crypto field is rife with fraudsters and scammers.
Situation with Major Exchanges
The SEC is engaged in legal battles with major exchanges such as Coinbase, Kraken, and Binance. Gensler referenced former FTX CEO Sam Bankman-Fried, former Binance CEO Changpeng Zhao, and Terra co-founder Do Kwon, who are now either in prison or awaiting extradition.
Regulation Contradictions
Gensler stated that there is enough regulatory clarity, arguing that securities laws that have worked for 90 years are sufficient. However, the SEC's policies have faced criticism from some lawmakers.
Next week will be significant for the SEC as Gensler and SEC commissioners are set to be grilled by Congress.
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