U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on Wednesday voiced significant concerns regarding the cryptocurrency sector's integrity, suggesting the industry is currently fraught with "fraud, abuse, and misconduct."
As these concerns come to the forefront, the crypto community turns its attention to events such as Benzinga's Future of Digital Assets conference on Nov. 14. This conference, which will delve into the pressing challenges and future of digital assets, is expected to discuss Gensler's remarks extensively, given their timely relevance.
Testifying before the Senate Banking, Housing and Urban Affairs Committee, Gensler said, "If they were to live up to the investor protection built into their current laws, it would help investors. But right now, unfortunately, there is significant non-compliance and it's a field which is rife with fraud, abuse, and misconduct."
Not directly answering a query on the filing of applications for a spot Bitcoin ETF, Gensler said there have been several applications filed with the regulatory body and that it was scrutinizing them.
Recently, the SEC leveled multiple charges against leading cryptocurrency exchanges, Coinbase Global Inc.
In response, U.S. Rep. Warren Davidson (R-Ohio) made a notable move by proposing a bill seeking to reform the SEC and remove Gensler.
Davidson labeled Gensler a "despotic chairman," emphasizing the importance of protecting the markets from the nation's chief financial overseer.
