Gary Gensler: ‘Crypto Needs to Build Trust,’ Reiterates Bitcoin’s Non-Security Status
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
In a recent interview with CNBC, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler reiterated the critical need for trust in the cryptocurrency industry, drawing parallels between crypto and historical innovations like the automobile.
He emphasized that innovation, while essential, can only flourish with trust and transparency. By referencing the SEC’s role as the “cops on the beat,” he illustrated the importance of regulatory bodies in ensuring market safety.
Additionally, he stressed on the idea that the field could sustain itself without strict rules and proper oversight.
Gensler noted that the SEC’s enforcement actions against various crypto firms are intended to create a safe environment for investors.
These actions have targeted some of the industry’s most prominent figures, such as Sam Bankman-Fried (SBF) and others. Many of them are now facing jail time or substantial financial penalties.
He pointed out, saying:
“A number of them are in jail right now. I’m not just talking about SBF; a number of others,”
Gensler reiterated the importance of investor protection, referring to the numerous bankruptcies and billions of dollars lost in the space.
He criticized by pointing out the long-term consequences of allowing fraudulent practices to go unchecked.
Gensler also reiterated his belief in the cryptocurrency industry’s need for clear rules and investor protections, stressing that no field can thrive without building trust.
“This field will not long survive if you can’t build that investor trust in the markets,”
Referring
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