In an X post, US Securities and Exchange Commission Chairman Gary Gensler reminded crypto companies to comply with securities laws, by not defrauding investors.
Gensler did this to commemorate the 15th anniversary of the Bitcoin whitepaper. Gensler also asked whether the creator of the first cryptocurrency Bitcoin, Satoshi Nakamoto, could be identified in a Halloween costume.
“Any crypto company that defrauds investors must start treating them to comply with securities laws,” said Gensler, quoted from Coinmarketcap, written Tuesday (6/11/2023).
Under Gensler’s leadership, the SEC has taken a tough stance against the digital asset industry, prosecuting major crypto players such as Binance, Coinbase, and Kraken. Gensler’s main source of concern is the sale of unregistered securities by crypto companies.
Critics, including industry leaders and lawmakers, accused Gensler of creating regulatory ambiguity and stifling innovation. This comes as the SEC is reviewing many spot Bitcoin ETFs, as the crypto industry is closely monitoring these events.
Regarding Bitcoin ETFs, Gensler again revealed that the SEC has 8 to 10 applications for possible bitcoin exchange-traded products (ETFs) for consideration.
Bitcoin has rallied this week amid speculation imminent SEC approval for a bitcoin exchange-traded fund (ETF) is seen as a driver of demand because it would allow investors to gain direct exposure to the cryptocurrency through exchange-listed products.
