In a recent interview with Bloomberg, U.S. Securities and Exchange Commission Chairman Gary Gensler said that “too many people” are being hurt by the crypto industry.
“Too many people have been hurt, too many people have lost money and are lining up in bankruptcy court to have their claims dealt with,” Gensler said.
He pointed out that many retail investors suffered losses because they did not have proper information about the projects they were investing in.
“We do everything within the law and defer to how the courts interpret the law. If the court has a different interpretation, we adjust. That’s what we do. This is our It’s part of a great democracy.”
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The SEC Chairman reiterated the importance of properly disclosing information to the public. Failure to do so may undermine confidence in capital markets.
The SEC Director pointed out that there is no conflict between blockchain technology and existing security laws.
Although investors should be able to make their own decisions, the SEC believes it is important to protect investors from potential conflicts of interest. “This is an area where there are a lot of conflicts in between,” Gensler said.
“Happy Sweet 16”
Gensler also reminded that Bitcoin is set to celebrate its 16th anniversary this week. Satoshi Nakamoto, the legendary creator of cryptocurrencies, released a groundbreaking white paper on October 31st.
“This Halloween marks 16 years since Satoshi Nakamoto wrote that white paper. Enjoy the Sweet 16 in just one week!”
As reported by U.Today, Gensler has repeatedly identified Bitcoin as not a security. However, the regulatory status of most other tokens remains unclear.
