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Source: Blockchain Knight
SEC Chairman Gary Gensler reiterated his previous criticism of the Crypto industry in an interview with Bloomberg on June 25, saying the industry is highly concentrated and has “serious violations.”
Gary Gensler downplays the decentralization of the Crypto industry, saying a few platforms are “concentrating and mixing things we will never allow anywhere else”.
Gensler listed some specific violations, such as transactions against customers, cover transactions, investments before the contract is listed.
He pointed out thatMany of the “leaders” in the Crypto asset space are “in jail” or “waiting for jail”.
“I say that, you may sneer at it, but it’s a serious matter, not a big deal, it’s really about protecting investors,” Gensler added.
The violations mentioned by Gensler not only involve the Securities Law, but also include the Bank Secrecy Act, the Commodity Exchange Act and the Anti-Money Laundering Act.
Gensler saidMany Crypto asset platforms work with a large number of tokenizers, which are securities without prejudgment, according to national laws and the Supreme Court’s position..
This comment echoes Gensler’s previous remarks that most Crypto assets are securities.
He stressed that the token was provided as an investment contract and said that the U.S. public did not understand the legally relevant information disclosure requirements.
Gensler pointed out thatIntermediaries such as Crypto Asset Exchanges and Brokers handle hundreds of assets, and asked a question: “Don’t there be some entrepreneurs in the middle of these products? It’s a bit against logic.”
Gensler said the issue, coupled with the violation, has led to the SEC’s legal action against many companies because the violation has harmed the public.
Additionally, Gensler refuses to answer political questions, including Mark Cuban’s earlier speculation that Gensler’s Crypto asset policy could cost Biden the election opportunity.
Gensler simply responded to this: “I don’t talk about elections, but others can.”
He also declined to comment on the wider political movements caused by Crypto assets.
Gensler did not explain the approval of spot Ethereum ETFs that the public is concerned about, but said that the process is “going smoothly”.
