SEC Chair Gary Gensler Gets Community Noted on X for Warning Against Crypto
Unregulated Exchanges
SEC Chair Gary Gensler recently highlighted the risks associated with unregulated crypto exchanges on May 20th in a speech before the Senate Banking Committee. Gensler focused on the need for better consumer protection in the crypto markets and for enhanced anti-money laundering and counter-terrorism financing laws. He also urged the committee to pass additional legislation to address the lack of investor protection when trading on unregistered platforms. Gensler said that the SEC is engaged in a rulemaking process to expand their oversight and requirements for cryptocurrency exchanges. He noted that the growth in the cryptocurrency markets is attracting fraudsters, criminals, and other bad actors, and that Congress should focus on how to regulate the space better.