SEC Chairman comments on the FTX incident: Investors need better protection!
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Answer SEC Chairman comments on the FTX incident: Investors need better protection!
The collapse of the FTX crypto exchange has prompted senior government officials, including Gary Gensler, the head of the Securities and Exchange Commission (SEC), to comment about the cryptocurrency ecosystem.
Speaking in an interview With CNBC, he told Gensler that he has repeatedly said that investors need adequate protection.
He lamented that despite the clear regulations in the industry, most players are still largely non-compliant.
And he said:
I think investors need better protection in this area.
It is a highly incompatible field, but it is subject to regulation.
As for the FTX platform, the SEC chief said the company has a significant influence in the space where a number of high-profile celebrities, including “Kevin O’Leary,” “Tom Brady,” and “Steve Curry” have served as ambassadors, Which gave it a huge impact on investors.
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From his point of view, investors and the public can fall prey to celebrity promotions, a trait that has come up very much over the past year.
Gensler’s position that the industry has the laws it needs to guide is somewhat disputed by the bigwigs in the cryptocurrency ecosystem.
In the aftermath of the FTX explosion, Senator Elizabeth Warren shared a tweet suggesting that she would start lobbying the Securities and Exchange Commission to step up its scrutiny of the crypto ecosystem.
In response, Coinbase CEO Brian Armstrong said America does not have the right guiding laws for players in the industry, a move that has driven more than 95% of crypto businesses abroad.
Drawing comparisons with Singapore, which has set out models for how crypto players operate, Ripple CEO Brad Garlinghouse has endorsed Armstrong’s position, underscoring the general consensus about the lack of clarity that exists in the industry in the USA.
With the fall of FTX, reports emerged that the Securities and Exchange Commission, the Department of Justice and the Commodity Futures Trading Commission (CFTC) are now investigating US trading platforms, starting with FTX US.
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