“Failure to register isn’t just a foot fault in a tennis game,” SEC Chair Gary Gensler said after his agency sued crypto exchanges Binance and Coinbase for securities law violations.
Securities and Exchange Commission Chairman Gary Gensler has faced tough criticism after his agency sued cryptocurrency exchanges Binance Holdings Ltd. and Coinbase Global Inc. for securities law violations, but the regulator remains steadfast in his belief that noncompliance in the crypto industry is widespread and threatens the public’s trust in U.S. financial markets.
Gensler said Thursday before the Piper Sandler Global Exchange and FinTech conference that these criticisms miss the mark. The SEC Chairman also pushed back on the argument that it is impossible under current rules for crypto intermediaries like Coinbase to successfully register with the agency. “Crypto intermediaries may need to separate lines of business, put into place rulebooks that protect against fraud and manipulation, properly segregate customer funds, mitigate conflicts, or change their approach to clearing and custody,” he said.
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