Crypto Is Rife With Fraud

Crypto Is Rife With Fraud

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler testified at a Congressional hearing on the agency’s oversight before the Senate Committee on Banking, Housing, and Urban Affairs. Gensler said that crypto has significant non-compliance and that the industry is rife with fraud, abuse, and misconduct.

In his initial remarks, the SEC Chair gave a disclaimer that his comments during the hearing are not representative of the agency or its staff. This is in continuation to the recent practice Gensler began in context of the SEC receiving criticism over his comments against the crypto market.

Also Read: SOL Price Defies Bearish FTX Liquidation Sentiment, Signal To Buy Solana?

No Comment On Ongoing Crypto Lawsuits

In an interesting turn of events before the hearing, Gary Gensler had mentioned in his testimony that he would not be able to comment on any active and ongoing litigation. “While I’m happy to discuss the SEC’s work, I will not be able to comment on any active, ongoing litigation,” the SEC Chair stated. In this respect, Gensler had indirectly denied a comment on the some of the most important lawsuits in the crypto market, like the one on Grayscale‘s application for a Bitcoin ETF and the XRP lawsuit.

In the recent judgments in both of the lawsuits, the US SEC faced defeat with the Summary Judgment in the XRP lawsuit going Ripple’s way and the judge who ruled in the Grayscale Vs SEC lawsuit granting the company’s motion to approve conversion of its Grayscale Bitcoin Trust into a spot Bitcoin ETF.

Earlier, CoinGape reported that crypto exchange Coinbase called for having a legislative approach to create crypto regulation to ensure consumer protection. The US based exchange argued that the regulatory uncertainty of the enforcement only approach puts 4 million jobs at risk by 2030.

Also Read: Bitcoin Can Quickly Rally To $70000 After Fed Decision, Says BitMEX Arthur Hayes


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Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at or or

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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