SEC Chair Gary Gensler warned of multiple bad actors involved with cryptocurrency and said sector is 'rife with fraud and manipulation.'
Securities and Exchange Commission Chair Gary Gensler warned of multiple bad actors involved with cryptocurrency and reiterated that the sector faces widespread fraud.
Gensler's comments come a week after former FTX CEO Sam Bankman-Fried's criminal trial came to an end after he was found guilty on all counts for defrauding investors. The SEC sued Bankman-Fried late last year and has since brought other charges against crypto firms and individuals. "We have to think through our resources because unfortunately, there are a lot of complaints and not all of them are this way, but there are a lot of bad actors out there," Gensler said. "We think about accountability and holding people accountable. We think about high impact cases. We do think about the gatekeepers and how we pursue enforcement actions around that as well."
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