Gensler mentions fraud and manipulation when asked about bitcoin ETFs

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By BitcoinWiki News

Key Takeaways:

– SEC Chair Gary Gensler expressed skepticism about the crypto marketplace in a televised interview.
– He raised concerns about fraud and manipulation in the crypto industry when asked about pending applications for spot bitcoin exchange-traded fund (ETF) applications.
– Gensler mentioned noncompliance and lack of time-tested protections against fraud and manipulation on crypto trading platforms.
– Regulatory hurdles related to transparency and manipulation in the underlying market may remain for bitcoin ETFs.
– The SEC has filed enforcement cases against Coinbase and Binance, alleging violations of securities laws.
– Gensler declined to comment on digital asset-related legislation advancing on Capitol Hill.
– He has a longstanding policy of not commenting on ongoing enforcement actions, including the case against Ripple Labs over XRP.
– SEC lawyers are likely to make an appeal in the Ripple case, as indicated by their actions in a related enforcement case.
– Gensler emphasized the importance of regulations and oversight in well-regulated markets.


Securities and Exchange Commission (SEC) Chair Gary Gensler has expressed skepticism about the crypto marketplace and raised concerns about fraud and manipulation in the industry. In a televised interview, Gensler commented on the noncompliance and lack of investor protections on crypto trading platforms. This skepticism may indicate that regulatory obstacles related to transparency and manipulation in the market will likely hinder the approval of bitcoin exchange-traded funds (ETFs). The SEC recently filed a major enforcement case against Coinbase and accused Binance of misconduct. Gensler declined to comment on digital asset-related legislation, but reiterated his belief that existing securities laws are clear, despite widespread violations. He also declined to provide his thoughts on the SEC’s case against Ripple Labs over XRP. Gensler emphasized the importance of regulation in capital markets and stated that well-regulated markets require oversight and rules.

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