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Thursday, June 6, 2024
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SEC Chairman accuses cryptocurrency exchanges of violating the law

SEC Chairman accuses cryptocurrency exchanges of violating the law

United States Securities and Exchange Commission (SEC) Chairman Gary Gensler recently accused cryptocurrency exchanges of violating the law. Speaking to CNBC on Wednesday morning, Gensler discussed the lack of required disclosures and additional operational violations committed by these platforms.

Specifically, Gensler says that “ cryptocurrency exchanges are doing things that the law never allows [NYSE] or traditional exchanges do.” Gensler discussed the cryptocurrency industry with Jim Cramer while diving into his views on the market’s shortcomings according to SEC standards.

SEC Chairman Gensler accused cryptocurrency exchanges of violating the law

There is no denying the rather tense relationship that has developed between the SEC and the cryptocurrency market. Stylists’ commitment to regulation by enforcement only hinders the industry’s presence in the United States. Although political action seeks to change that, there is still a disconnect between the two.

Now, SEC chairman Gary Gensler has accused cryptocurrency exchanges of violating the law. In an interview with CNBC, Gensler said the changes “do things that the law would never allow” traditional stock exchanges to do. Specifically, he addressed the problems facing the market with appropriate announcements.

Furthermore, Gensler noted that the SEC was established to require disclosure of changes while saying that the cryptocurrency market does not allow it. Additionally, he commented on the need for exchanges to be “properly regulated” so that they do not trade against investors.

Furthermore, Gensler noted that traditional cryptocurrency tokens do not “give you the disclosures that you need” and that are required by law.” That stance is not limited to designated offerings, as the SEC Chairman took aim at additional exchanges to ensure their role in maintaining the same standards.

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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