The president of the DRY, Gary Genslerreleased a new investor protection video on Thursday as part of its “office hours“, targeting crypto businesses and their compliance with securities laws. Gensler’s post comes amid ongoing enforcement actions and legal challenges involving the SEC, a high profile topic at the Consensus 2023 event in Austin, Texas. The leader of the DRY reiterated its long-standing position that crypto platforms operate illegallyexposing investors to significant risks.
“The cryptocurrency market suffers from a lack of regulatory compliance” Gary Gensler
In the video, Gary Gensler highlighted the lack of compliance among platforms crypto, leading to a lack of basic protections for investors. He cited the need for proper rules, oversight measures to prevent fraud and manipulation, and proper custody and segregation of assets client. The SEC Chairman warned that the lack of such protections could lead to misuse or abuse of clients’ assets, and even the loss of their investments if a platform goes bankrupt.
people has always maintained that the crypto industry must comply with existing securities laws and the courts and Congress might be the only obstacles to its mission. On Thursday, congressional committees were scheduled to examine the structure of the crypto market in two separate hearings.
While the industry cryptography continues to face regulatory scrutiny, the actions taken by the DRYTHE Congress and the courts will play a crucial role in defining the future of digital asset businesses. Gensler’s recent video comes at a peculiar time when the SEC chief is in the spotlight for a lack of clarity over US regulation. Going forward, it remains to be seen how the industry will respond to these hearings and thestock ensuing legislation.
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