Gary Gensler: Cryptocurrency is an area rife with "fraud, bankruptcies and money laundering"

U.S. SEC Chairman Gary Gensler has previously stated that crypto companies need to comply with the same regulations as traditional finance. On Wednesday, he spoke at the 2023 Securities Enforcement Forum and reiterated his views. Gensler said he said the industry's problems were "not surprising" given the "widespread non-compliance" in the industry. Gensler said: “This is an area rife with fraud, scams, bankruptcies and money laundering, and while many entities in this area claim that they operate without being subject to regulations issued before Satoshi Nakamoto’s famous white paper, they are also quickly seeking to Legal protections, including seeking protection in bankruptcy court and litigating private disputes." (The Block)