SEC Chairman Spoke in the Senate: Cryptocurrencies are Very Scary!

SEC Chairman Gary Gensler answered questions at the Senate Banking Committee. In his remarkable statements, he emphasized that cryptocurrencies are an area full of fraud and abuse. Details are as follows…

SEC Chairman expressed the problems of the cryptocurrency market

In his statements to the Senate recently, SEC Chairman Gensler stated that the crypto world poses “real risks”. He also shared his views on fake news and made statements about legal risks.

Senator Bill Hagerty asked questions about the Grayscale decision at the meeting. He wanted to know his expectations from Gensler for the approval of the Spot Bitcoin ETF. Gensler stated that the investigations are continuing and they are waiting for the team’s suggestions.

In the session, Gensler drew attention to the danger of artificial intelligence and “deep fakes”. He stated that it poses a serious risk for financial markets. Gensler also spoke about the resignation news. He emphasized that it is important to prevent market manipulation.

Senators support Gensler

Senator Sherrod Brown supports Gensler’s sanctions. Brown stated that fraud and fraud must be prevented. He welcomed the SEC’s use of tools to enforce the law.

Senator Cortez Masto questioned the SEC’s staffing situation. Gensler stated that the institution was not large enough. The session highlighted regulatory needs and the state of the crypto industry.

Gary Gensler discussed the future of cryptocurrencies in the Senate

While answering questions, Gensler expressed concerns about the industry. Another issue he drew attention to was “deep fake” news. Gensler emphasized that artificial intelligence-supported fake news poses a major threat to the markets. Giving an example of fake news that he will resign as SEC chairman in July, Gensler stated that such news is aimed at manipulating the stock market and cryptocurrency prices.

“It’s very scary, I’ve never seen anything like it before.”

Gensler also pointed out that institutions need to be more effective to prevent fraud and abuse. In particular, the SEC chairman stated that the cryptocurrency industry is full of fraud and abuse and stated that non-compliance in this area is a serious problem. “I have never seen a period so full of abuses in this field,” Gensler said.

“We are not enough”

During the session in the Senate, legal regulations of cryptocurrencies were discussed. SEC Chairman Gensler emphasized that the institution is evaluating legal risks. “The organization is only 3% larger than it was eight years ago,” Gensler said. “We are not enough,” he said. Gensler stated that they are determined to act within their authority. He said the SEC has the tools to enforce the law.

President Sherrod Brown also stated in his speech that cryptocurrency legislation should be reviewed. Highlighting the dangers of cryptocurrencies, Brown emphasized that fraud and fraud must be cleared. “It showed how dangerous cryptocurrencies can be,” Brown said. Stating that cryptocurrencies are not just a few “bad apples”, Brown said that the problems in the crypto world are bigger.

As a result, Gensler and the senators had an intense discussion on the future of cryptocurrencies. During the first statements we reported as Kriptokoin.com, the price of Bitcoin climbed to $ 26,600 at one point.