Gary Gensler: Cryptocurrency is an area rife with “fraud, scams, bankruptcies and money laundering”

Odaily News U.S. SEC Chairman Gary Gensler has previously stated that encryption companies need to comply with the same regulations as traditional finance. On Wednesday, he spoke at the 2023 Securities Enforcement Forum and reiterated his views. Gensler said he said the industrys problems were not surprising given the widespread non-compliance in the industry. Gensler said: “This is an area rife with fraud, scams, bankruptcies and money laundering, and while many entities in this area claim that they operate without being subject to regulations issued before Satoshi Nakamoto published his famous white paper, they also quickly Seek legal protection, including in bankruptcy court, and litigate private disputes. (The Block)