SEC Chair Gary Gensler Claims Cryptocurrency Sector Distinguishes Itself from Frauds and Scams Report

Coin World Report:
According to reports, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has emphasized the issues he believes exist in the cryptocurrency industry.
Gensler stated that the cryptocurrency industry is “rife with fraud, vendors, and scammers,” according to a report by the British Broadcasting Corporation (BBC).
The report further quotes Gensler as saying that investors around the world have “lost too much money” due to cryptocurrency companies refusing to comply with the laws enforced by the SEC.
“Cryptocurrency is just a small part of the U.S. and global capital markets, but it undermines the trust of everyday investors in the capital markets.”
Gensler also accused cryptocurrency companies of not adhering to long-standing rules aimed at protecting retail investors from the influence of bad actors seeking public financing.
“This is an area (the cryptocurrency industry) that has emerged, and just because they record the crypto assets on a new accounting ledger, they (wrongly) say ‘we don’t think we have to comply with time-tested laws.'”
In March, the chairman of the U.S. Securities and Exchange Commission explained why he believes it is important for companies looking to raise funds from the public to disclose information.
“The benefits to investors of getting the disclosures required by law and rule are manifold. First, disclosures promote more efficient markets. They promote better price discovery. More information leads to prices that more accurately reflect a company’s prospects.
Second, these prices provide valuable signals, helping capital flow to its most productive uses, thus promoting capital formation.
Third, disclosure promotes trust in the markets and in companies raising funds from the public.”
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The image generated: Midjourney