SEC’s Gensler stays true to form, uses Wednesday speech to say crypto is full of ‘fraud, scams, bankruptcies and money laundering’ | The Block

The crypto industry has experienced turmoil, especially over the past year amid the collapses of crypto exchange FTX, crypto hedge fund Three Arrows Capital and the algorithmic stablecoin Terra USD.

Gensler called the industry’s problems “not surprising.”

“This is a field rife with fraud, scams, bankruptcies, and money laundering,” Gensler said. “While many entities in this space claim they operate beyond the reach of regulations issued before Satoshi Nakamoto’s famous white paper, they also are quick to seek the protections of the law, in bankruptcy court and litigating their private disputes.”

Gensler also spoke in general about charges the SEC has brought against others, including a case involving the former CEO of McDonald’s.

“And don’t get me started on crypto,” Gensler said. “I won’t even name all the individuals we’ve charged in this highly noncompliant field.”

Source: SEC’s Gensler stays true to form, uses Wednesday speech to say crypto is full of ‘fraud, scams, bankruptcies and money laundering’ | The Block