Gary Gensler Warns Crypto Market: “Not Liking Not Same As Not Receiving”
Crypto Market News: US Securities and Exchange Commission (SEC) Chair Gary Gensler reiterated his stance on crypto regulation, in the wake of the recent lawsuits against crypto exchanges Coinbase and Binance. He made some interesting remarks before Piper Sandler Global Exchange & Fintech Conference. Gensler once again drew a link between the digital assets market and the securities laws, stating that trust in capital markets in the United States was built on compliance with the laws. He also warned that FTX like bankruptcies can continue to happen without compliance, although he failed to address how exactly crypto businesses are to comply.
Also Read: Bitcoin, Ethereum To Rise Amid Positive US Fed & Inflation Data or Fall As Market Makers Exit
Interestingly, the SEC Chair spoke about the need to protect investors, saying the crypto markets should not be allowed to harm them. In his speech, Gensler mentioned a 2018 conversation by Binance’s then Chief Compliance Officer Samuel Lim with a colleague about how the crypto exchange is operating as an unlicensed securities exchange in the the United States. The same was included in the SEC’s recent complaint against Binance, which alleged it of lying to regulators.
Gary Gensler Warns Crypto Market, Again
Gensler reiterated in his opening remarks that most cryptocurrencies qualify as securities by the virtue of meeting the investment contract test. However, the SEC Chair made it a point to warn that lack of compliance could lead to more and more anti-crypto enforcement actions. He said, “not liking the message is not the same thing as not receiving it,” indicating that the market participants are well informed about the status quo. Apparently, this is an attempt to shield the SEC’s arguments in the many crypto lawsuits that may involve the stance of ‘lack of clarity’ over regulations.
“When crypto asset market participants go on Twitter or TV and say they lacked “fair notice” that their conduct could be illegal, don’t believe it. They may have made a calculated economic decision to take the risk of enforcement as the cost of doing business.”
Meanwhile, the digital assets market participants will be anticipating the public release of Hinman documents in the XRP Vs SEC lawsuit, on June 13, 2023.
Also Read: Binance To Face US DOJ’s Criminal Charges Or Its Just A FUD: Ex-SEC Exec Hints
- Polymarket Hits $20B in Trading Volume, Announces Plans for Massive POLY Token Airdrop
- James Wynn Takes XRP Long Bet After Ripple Prime Announcement
- Nasdaq-Listed Bonk Holdings Makes First Major Purchase of $32M, Nears 3% of Total Supply
- Binance-based Meme Coin GIGGLE Fund Shoots 145% on Exchange Listing News
- ASTER Gets Major Boost as Project Launches Token Buyback Program, Expert Predicts $10 Spike
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
