The Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, advocates for strict regulations in the cryptocurrency market.
He believes that US securities laws can be applied to regulate transactions involving digital assets. Furthermore, Gensler issues warnings about the potential risks of investing in Bitcoin and other cryptocurrencies.
He believes that investors are taking a significant risk when they choose to allocate their funds in the crypto world.
On his X account, the SEC Chairman compared virtual currencies to financial Ponzi schemes and urged American citizens to refrain from investing in such instruments.
Gensler stressed that providers of cryptocurrency investment services may not comply with federal securities laws.
