SEC chair Gensler criticizes crypto sector for non-compliance and ‘high centralization’

SEC chair Gary Gensler has reiterated his criticisms of the crypto industry, noting its high centralization and significant non-compliance. In an interview with Bloomberg, Gensler emphasized the need for real protections for investors and highlighted the industry’s non-compliance with securities laws, the Bank Secrecy Act, the Commodity Exchange Act, and anti-money laundering laws. Gensler argued that many tokens in the sector can be classified as securities under current laws, and he expressed concern over the lack of required disclosures to the US public. He also mentioned that intermediaries in the industry often play a role in token offerings, which he believes contradicts the concept of decentralization. Gensler declined to comment on political issues, including the impact of his crypto policies on the election, and he evaded questions about the approval of spot Ethereum ETFs.