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SEC Chief Gensler Responds to Crypto Controversies: I’m Aware

  • SEC Chairman Gary Gensler has spoken about his recent stance towards cryptocurrency companies.
  • Gensler expresses his awareness of his moral responsibilities and the need to protect investors.
  • He also raises concerns about potential conflicts of interest and market manipulation in cryptocurrency exchanges.

SEC Chairman Gary Gensler’s Approach to Cryptocurrency Companies

Understanding the Moral Responsibilities

In a recent media gathering about the regulation of money market funds and broker-dealers, SEC Chairman Gary Gensler addressed several questions. One of the key topics was his approach towards cryptocurrency companies. Gensler emphasized that he and his fellow commission members are sworn to implement the laws approved by Congress. Their primary duty is to protect investors. He also stated that they are examining the conditions under which exchanges and specifically issued tokens operate. Gensler stressed that he is fully aware of his moral responsibilities in this role.

Potential Conflicts of Interest in Cryptocurrency Exchanges

Gensler also spoke about Coinbase being selected as the company to be supervised by companies applying for an ETF. He expressed concerns about transactions on cryptocurrency exchanges that may contain conflicts of interest. This means that transactions could potentially be made against the interests of investors. Such issues may not be visible to the public and can also occur in market-making transactions. Gensler pointed out that the risk tracking of such platforms may be insufficient, and market activity may be misleadingly high, which could pave the way for market manipulation.

Cryptocurrencies as Investment Contracts

It’s well known that Gensler has long been stating that most cryptocurrencies, apart from Bitcoin, fall under the status of investment contracts. In June, The Blockchain Association, a non-profit organization, made a statement indicating that Gensler’s view that cryptocurrencies other than Bitcoin are investment contracts could make it impossible to achieve a neutral perspective towards the crypto industry.

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Marisol Navaro
Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
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