SEC chair calls FTX’s collapse a pattern
According to Gary Gensler, the collapse of the exchange is part of a broader trend that has been observed in the crypto market over the past six months
10.11.2022 - 12:00
363
1 min
0
Gary Gensler, chairman of the Securities and Exchange Commission, said that Tuesday's sudden FTX collapse is part of a wider trend in digital assets."
What we’ve seen in the last two days, if I can sort of step back from it a bit, it’s really part of a pattern of what we have seen over the past six or eight months,” Gensler said during a conference hosted by the Healthy Markets Association, a policy nonprofit. “Investors get hurt when we don’t rely upon the time-tested public policy guardrails.”
"I would not take the last two days as separate from what's happened in the last eight months," the SEC chair continued, pointing in particular to leverage, as well as "lack of disclosure, opacity, we’ve seen the use of other people’s money and trading ahead.”
“The investing public is hoping for a better future, and they’re not having it here,” Gensler added.
The recent market turmoil is linked to the seeming failure of FTX, one of the largest crypto exchanges in the world, and one that has emphasized putting its own vision forward for policymaking in Washington, D.C.
This material is taken from the website theblock.co.
Useful material?
Market
To advance crypto-friendly regulation, Trump’s party needs to win a majority in the Senate
Oct 18, 2024
Incidents
The regulator believes that the court erred in not recognizing retail sales of XRP as securities transactions
Oct 18, 2024
Market
The leader was the Solana network, with 100 million active addresses per month
Oct 17, 2024
Crypto regulations
Amendments to the regulation of financial institutions have been published for public discussion until October 30
Oct 16, 2024
Market
Over the past four years, the company’s shares have grown by 1540%, while the index has gained only 111%
Oct 16, 2024
Incidents
Over the last 24 hours, the asset has updated its all-time high at $2,34
Oct 15, 2024