SEC Chairman Gary Gensler said the agency’s patience for firms escaping regulations has waned.
The U.S. Securities and Exchange Commission is just beginning its crackdown on non-compliant crypto companies.
Gary Gensler: Time’s Running Out
The SEC, which recently sued Sam Bankman-Fried, the former CEO of FTX, now seems to have turned to other firms.
Gensler said crypto companies are running out of time to comply with the rules and sign up for ahan.
Although Gensler did not give a clue about the companies that will be investigated in the upcoming period, he did not neglect to warn about a number of applications.
Gensler, who has been known as a Bitcoin advocate in the past, has commented that many tokens are unregistered securities over the past year and a half.
Gensler targeted crypto companies, emphasizing that client funds were not properly allocated. This issue has attracted great attention, especially after the collapse of FTX.
The SEC accused SBF, the former CEO of FTX and its two former top partners, Caroline Ellison and Gary Wang, of defrauding investors by safely promoting the exchange.