TL;TD:
🔍 SEC Chair Gary Gensler compared the crypto market to the 1920s stock market, calling it full of fraudsters and Ponzi schemes. He advocated for applying securities laws to clean up the crypto market.
Facts
- 💼 Gensler praised the Securities Act of 1933 and Securities Exchange Act of 1934 for allowing the U.S. securities markets to thrive.
- 📜 Gensler argued that crypto asset securities are not exempt from securities laws, even if they have utility beyond investment.
- ⚖️ Crypto security exchanges must comply with securities laws, including separating the exchange, broker-dealer, and clearing functions.
- 🚫 Noncompliance with securities laws in the crypto market has led to scams and fraud, reminiscent of the 1920s.
- 🛡️ Gensler emphasized the importance of making sure crypto securities issuers comply with the law to prevent scams.
- 🎯 Critics accuse Gensler of having an expansive view of the SEC’s regulatory authority, hindering innovation in the U.S. crypto industry.

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Source: Cointelegraph