11 months ago
61
Warning of compliance violations by virtual currency companies
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler posted a video message to X on the 21st. He warned of compliance violations by crypto companies, calling the industry the “Wild West.”
In a video message published on X, Chairman Gensler pointed out that the cryptocurrency industry frequently violates securities laws, anti-money laundering laws, and other public protection laws.
In a video message published on
Furthermore, he said this is not just a problem limited to “a few bad actors”, but a problem that is widespread in this sector globally. He also added that fraud occurs frequently in the cryptocurrency space.
Gensler’s comments follow U.S. Sen. Elizabeth Warren’s attempt to introduce legislation that would effectively ban Bitcoin in the United States.
connection:U.S. Rep. Warren criticizes lobbying activities of major crypto-related companies, demands explanation from Coinbase, etc.
Cryptocurrency community including Ripple CEO criticizes
Gensler’s post on X sparked an immediate reaction from the community. Many users have criticized the SEC for not taking a concrete stance and relying on enforcement.
One user said in a community note (a program for volunteers to provide background information) that US-based cryptocurrency exchange Coinbase has been asking for clearer guidance from the SEC on compliance for the past several years. Ta.
Ripple CEO Brad Garlinghouse strongly refuted Chairman Gensler’s message about cryptocurrency companies’ non-compliance.
Stunning hypocrisy from the person who cozied up to the biggest fraud in recent memory.
Gensler is a political liability whose actions have decimated consumers and destroyed the integrity of the SEC, while remaining buddy-buddy with Wall Street. https://t.co/hAgjJ9IsGR https://t.co/D3pz4Dq3yy
— Brad Garlinghouse (@bgarlinghouse) December 21, 2023
Garlinghouse attached a video of his meeting with former FTX CEO Bankman Fried, accusing Chairman Gensler of being involved in the largest fraud in recent history.
This is stunning hypocrisy from someone who was part of the biggest fraud in recent years. Gensler was a political liability whose actions devastated consumers and undermined the integrity of the SEC.
connection:4,000 opinions have been collected demanding full clarification on FTX’s “regulatory monopoly” strategy
What is FTX?
A crypto asset (virtual currency) exchange led by Sam Bankman-Fried (SBF). After its establishment in 2019, it quickly rose to prominence and has grown into a major exchange next to the industry’s largest, Binance. After that, the company went bankrupt and filed for reorganization-type bankruptcy (Chapter 11 of the Federal Bankruptcy Code) in the United States in November 2023.
Virtual currency glossary
Meanwhile, Coinbase has been asking the SEC to clarify its regulatory guidelines regarding cryptocurrencies for the past several years. However, the SEC recently rejected Coinbase’s petition for new rules for the digital asset industry. The securities regulator said Coinbase’s petition lacked “text and proposed rule substance.” It also disagreed with the submission that existing regulations were “unworkable.”
connection:US SEC rejects Coinbase’s regulatory petition; Coinbase will appeal
The post Cryptocurrency industry rebels against SEC Chairman Gensler’s warning, Ripple CEO joins in criticism appeared first on Our Bitcoin News.
English (US) ·