SEC Chairman Gary Gensler stated that there is plenty of impropriety in the cryptocurrency industry.
Speaking to Bloomberg TV, Gensler said that the crypto industry contains “lots of mismatches” and that the SEC continues to develop a regulatory framework.
Gensler also cited trading and credit platforms that have failed in some cases, noting that these businesses fall under the “classic sections of the securities laws.”
“As the SEC, we will do our best,” Gensler said, emphasizing that there are currently many cryptocurrency platforms that do not comply with the law.
Gensler said that they will both cooperate with market participants and protect investors while doing so.
Underlining that the crypto money industry needs more trust to continue, Gensler stated that the SEC has already implemented many laws.
Finally, Gensler promised that the SEC will continue to implement sound enforcement actions.
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