SEC Chair Gary Gensler: ‘Fraudsters’ Continue Exploiting Crypto

Amidst rapidly building expectation for a publicly-announced approval of s the very first Spot Bitcoin ETF in the U.S. as early as this week, US Security and Exchange Commission (SEC) Chairman Gary Gensler issues a stark reminder to wary investing participants around embracing the space. Describing the asset profile as fearful and volatile — exhibits of which recent history serves as apt validation, according to Gensler — the chairman openly alerted of fraudsters aiming potentially ill festivities against eager investors related to digital asset offerings.

In a series of posts, Gensler noted how digital assets remained exceptionally risky leading into this important ETF decision and that affiliated major platforms can often become insolvent, resulting in losses of value. Additionally remarking on “fraudsters..exploring the rising popularity of crypto assets in order to seek and lure unsuspecting retail investors”, his warning appeared to hang on the sidelines whilst aficionados anticipated long-awaited ETF listings.

Whilst notions of viewer discretion has lingered around this space for some years already, Gensler — given this briefing — intermixes such warnings in an important, opportune crossroads in the sector’s history. As the account winds down towards either approval or declination of the BTC ETF, it remains for him to apt words of encouragement or signs of caution against further gambling against potentially volatile markets moving forward.

Robert Wilson author
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