The United States Securities and Exchange Commission (SEC) chief, Gary Gensler, recently delivered a speech at the 2023 Securities Enforcement Forum, where he discussed the regulatory body’s enforcement actions. Gensler highlighted that these actions resulted in $5 billion in judgments and orders. However, it was his comments about the cryptocurrency market that caught the attention of the crypto community on social media. Gensler expressed his concerns about the noncompliance within the crypto industry and mentioned that the SEC has charged numerous individuals in this field.Gensler also provided an overview of the SEC’s enforcement actions in 2023, revealing that the agency filed over 780 enforcement actions, including more than 500 standalone cases. These actions led to $5 billion in judgments and orders, with $930 million being distributed to harmed investors. Additionally, the SEC filed lawsuits against 40 firms for violations of various rules and regulations, resulting in penalties exceeding $1.5 billion. Gensler emphasized that the SEC settled recordkeeping-related charges with 23 firms in the last fiscal year alone.Regarding the crypto market, Gensler reiterated his belief that most cryptocurrencies should be classified as securities and regulated accordingly. He explained that the concept of an “investment contract” applies to a significant portion of the crypto market, making it subject to securities regulations. Gensler drew parallels between the current state of the crypto ecosystem and the financial landscape of the 1920s, highlighting the need for stricter regulations to prevent scams, frauds, and bankruptcies.It is worth noting that Gensler’s criticism of the crypto market is not new, as he has consistently expressed similar concerns over the years. However, members of the crypto community, as well as key businesses and Congress members, have called for more clarity on crypto regulations from Gensler.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Gary Gensler |
| Companies | SEC, United States Securities and Exchange Commission |
| Currencies | None |
| Securities | None |
