Coin world reports:
During an interview with Bloomberg on June 25th, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, reiterated his criticism of the crypto industry, stating that the industry is highly concentrated and plagued by “serious violations.”
Gensler downplayed the decentralization of the crypto industry, saying that a few platforms are “centralizing and mixing things that we would never allow elsewhere.”
He listed specific violations such as trading against customers, wash trading, and investing before contracts are listed.
Gensler pointed out that many “leaders” in the crypto asset space are either “in jail” or “awaiting jail.”
Gensler added, “I say this, you may scoff, but this is a serious matter, not an overreaction, it really relates to protecting investors.”
Gensler mentioned that the violations not only involve securities laws but also the Bank Secrecy Act, the Commodity Exchange Act, and anti-money laundering laws.
Gensler said, “Many crypto asset platforms are working with a large number of token dealers, and according to the country’s laws and the Supreme Court’s position, these tokens are securities without prior judgment.”
This comment echoes Gensler’s previous remarks about the majority of crypto assets being securities.
He emphasized that tokens are offered as investment contracts and stated that the American public is not aware of the legal disclosure requirements.
Gensler pointed out that intermediaries such as crypto asset exchanges and brokers handle hundreds of assets and raised a question: “Are there no entrepreneurs in the middle of these products? This is somewhat illogical.”
Gensler stated that this issue, combined with violations, has led the SEC to file legal actions against numerous companies, as the violations have harmed the interests of the general public.
In addition, Gensler refused to answer political questions, including speculation earlier by Mark Cuban that Gensler’s crypto asset policies could cost Biden the election.
Gensler only responded, “I don’t talk about elections, but others can.”
He also refused to comment on the broader political movement sparked by crypto assets.
Regarding the public’s concern about the approval of a spot Ethereum ETF, Gensler did not provide details but only said that the process is “progressing smoothly.”
