Chair of the SEC GaryGensler has warned crypto firms to follow rules and register for compliance after settlement with krakenfx.
United States Securities and Exchange Commission chair Gary Gensler issued a warning to crypto companies to “come in and follow the law” after the agency announced a settlement with crypto exchange Kraken.crypto exchanges should register with the SEC in order to be compliant with regulations in the United States, claiming that many within the industry were “choosing” not to do so.
"If this field has any chance of survival and success, it’s time-tested rules and laws to protect the investing public," said Gensler. “Don’t have your hand in the customer’s pocket, using their funds for your own platform.” "The storefronts and casinos people are investing in need to comply and disentangle bundled products. The business model is rife with conflicts," says SEC Chair
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