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SEC Chair Says Cryptocurrency Industry Is 'More Like the Wild West'

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Securities and Exchange Commission Chair Gary Gensler says that cryptocurrency investors need more protection. On Tuesday, Gensler, in his prepared remarks to the Aspen Security Forum, asked lawmakers to give his agency more power.

Right now, we just don’t have enough investor protection in crypto," said Gensler. "Frankly, at this time, it’s more like the Wild West.”

"This asset class is rife with fraud, scams, and abuse in certain applications. There’s a great deal of hype and spin about how crypto assets work. In many cases, investors aren’t able to get rigorous, balanced, and complete information. If we don’t address these issues, I worry a lot of people will be hurt." he added.

Gensler stressed that the legislative priority should center on crypto trading, lending, and DeFi platforms.

"The American public is buying, selling, and lending crypto on these trading, lending, and DeFi platforms, and there are significant gaps in investor protection," he said.

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