SEC Chair Gary Gensler isn’t mincing words.

Ahead of Piper Sandler’s Global Exchange & Fintech Conference this week, he again slammed the crypto industry for its “many problems,” urging for further investor protections.

“With wide-ranging noncompliance, frankly, it’s not surprising that we’ve seen many problems in these markets.” Gensler said, “We’ve seen this story before. It’s reminiscent of what we had in the 1920s before the federal securities laws were put in place. Hucksters. Fraudsters. Scam artists. Ponzi schemes. The public left in line at the bankruptcy court.”

This comes amid the SEC’s legal battles against Binance, Coinbase, and other crypto entities as part of an aggressive industry-wide crypto crackdown.

Gensler highlighted key cases where exchanges have unlawfully offered securities without registering them with the SEC, explaining why this should be a concern for investors.

“These alleged failures deprive investors of critical protections, including rulebooks th

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Author: Ryan Gladwin

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