Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has warned that a crackdown on the crypto industry is imminent following the collapse of FTX.
In an interview with Bloomberg, Gensler stated that the SEC is targeting crypto firms that do not comply with its regulations and compared them to casinos.
He also stated that the practice of crypto exchanges providing proof of reserves to back up their customers’ funds is meaningless because it does not meet current regulatory disclosure standards.
Gensler emphasized the need for crypto firms to separate their funds and their customers’ funds and to accurately record all transactions.
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