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SEC Chairman Gary Gensler Warns Cryptocurrency Exchanges to Comply with the Law

In a recent video posted on Twitter, the Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, has issued a stern warning to cryptocurrency exchanges, urging them to treat cryptocurrencies like securities and comply with the law.

Gensler emphasized that the rules are clear and must be followed, stating that “If you are a stock exchange, clearing house, broker, or dealer, you have to be compliant and register with the SEC.”

Gensler’s comments come in the midst of a lawsuit filed by Coinbase against the SEC. The exchange is seeking clarification from the SEC following its silence on a petition submitted several months ago, asking whether the existing regulatory framework could be applied to the cryptocurrency industry.

The SEC Chairman also stressed the importance of resolving conflicts of interest and disclosing essential information, stating that “For 90 years, these laws have helped protect investors like you.” Gansler added that failing to comply with SEC rules would leave customers vulnerable and without basic investor protections, leaving them unable to access their funds in case of problems, including bankruptcy.

The SEC has been increasingly active in regulating the cryptocurrency industry, with Gensler stating that he believes the agency has broad authority over the space. He has also urged Congress to pass legislation to provide the SEC with more tools to regulate the market.

As the cryptocurrency market continues to grow, it is clear that the SEC is keen on ensuring that the law is followed and that investors are protected. While some cryptocurrency exchanges may view the regulatory environment as ambiguous, Gensler’s message is clear: the law is clear, and it must be followed.

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