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Translated by: Himalaya Oxford Visionary – MaiTian

According to a foreign source on May 20th, “More cryptocurrencies will go bankrupt” the SEC chairman of US Gary Gensler told reporters on May 18th, after a House Appropriations Committee panel hearing. “I am concerned that trust and trust in the company will be damaged” he added, according to Wall Street Journal’s report.

May 18 Gnews

The SEC said in early May that there are plans to double the size of the agency unit by adding 20 investigators and lawyers to strengthen its surveillance of crypto issuance, crypto exchanges, non-fungible tokens (NFTs) and other related frauds.

Previously during the Financial Industry Restrictions Agency (FINRA) annual conference, Gensler warned “crypto is highly speculative.”  He said that crypto investing public isn’t getting full and fair disclosure that comes with asset purchases of other kinds and that is fatal.  Gensler continued to argue that most cryptocurrency investors do not have access to adequate and transparent information, and that needs to be protected through regulations by SEC.

Gensler’s stand is that cryptocurrency exchanges and ICOs should be registered with the SEC. However, the US’s major cryptocurrency exchanges such as Coinbase refused to registered with the SEC. 


Edited and Proofread by:  Linda Progress

Posted by:  Linda Progress

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