SEC Chairman Gary Gensler stated that crypto companies must comply with the existing rules.
Gensler, Chairman of the Securities and Exchange Commission, responded to criticism leveled against him for not following the rules.
SEC Chairman Speaks About Crypto Industry
Speaking to Yahoo Finance, Gensler highlighted that his agency has filed more than 100 lawsuits from the crypto space.
Senator Elizabeth Warren urged the SEC to comply after the collapse of FTX last month, arguing that the agency is lagging behind the crypto industry. Members of the House Financial Services Committee also urged Gensler to answer questions about what he knew about the process that led to the collapse of FTX.
“We are already prepared,” Gensler said in a statement.
Gensler said that crypto firms should be held accountable for complying with existing rules.
“You can think of crypto companies as casinos where the investor is looking for a better future. As most of these tokens are securities, this means that casinos must comply with our timely established laws.”
Gensler said that the SEC has successfully neutralized suspicious crypto activity. He cited the charges against Poloniex and Coinbase as an example.
“We have filed lawsuits against BlockFi and other crypto lending platforms. We will continue to be a strong securities regulator. I urge these agencies to comply and work with the SEC.”
