Gensler said that these violations have harmed the interests of the general public.
Source: cryptoslate
Translation: Blockchain Knight
Gary Gensler, chairman of the U.S. Securities and Exchange Commission, reiterated his criticism of the crypto industry in an interview with Bloomberg on June 25, stating that the industry is highly concentrated and there are "serious violations."
Gensler downplayed the decentralization of the crypto industry, saying that a few platforms are "centralizing and mixing things that we would never allow elsewhere."
Gensler cited specific violations, such as trading against clients, wash trading, and investing before contracts are listed.
He pointed out that many "leaders" in the crypto asset field are either "in jail" or "waiting to go to jail."
Gensler added, "I say this, you may scoff at it, but this is a serious matter, not an exaggeration, and it really relates to protecting investors."
The violations mentioned by Gensler not only involve securities laws, but also include the Bank Secrecy Act, the Commodity Exchange Act, and anti-money laundering laws.
Gensler said that many crypto asset platforms collaborate with a large number of token traders, and according to national laws and the Supreme Court's position, these tokens are considered securities without prior judgment.
This commentary echoes Gensler's previous remarks that most crypto assets are securities.
He emphasized that tokens are offered as investment contracts and stated that the American public is not aware of the legal disclosure requirements.
Gensler pointed out that intermediaries such as crypto asset exchanges and brokers handle hundreds of assets and raised a question: "Are there no entrepreneurs in the middle of these products? This is somewhat illogical."
Gensler said that this issue, combined with violations, has led the SEC to file legal actions against numerous companies because violations have harmed the interests of the general public.
In addition, Gensler refused to answer political questions, including speculation earlier by Mark Cuban that Gensler's crypto asset policies might cost Biden the election.
Gensler only responded, "I don't talk about elections, but others can."
He also declined to comment on the broader political movements caused by crypto assets. Regarding the approval of a spot Ethereum ETF that the public is concerned about, Gensler did not provide details, only saying that the process is "proceeding smoothly."
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