Gary Gensler: "Regulators must be ready to fight cryptocurrency scammers" – Bits Media

Chairman of the Securities and Exchange Commission (SEC) said, that financial regulators need to pay special attention to the protection of cryptocurrency investors from attackers.

Gary Gensler (Gary Gensler) stated, that the regulators should "be ready to institute business" against attackers in the cryptocurrency industry and other developing sectors. At the conference of the Agency for the Regulation of the Activities of Financial Institutes (FINRA) Hensler said:

“Since we are observing these areas, SEC and Finra should be ready to initiate business, related problems in the cryptocurrency industry, Cybernetics and financial technologies ".

In his brief performance, he especially highlighted the protection of investors. This week, American financial regulators said, that they will form an interdepartmental group to develop a clear regulation of the cryptocurrency industry and resolve legal issues, associated with crypto actures.

“We must do our best, so that the attackers do not play the savings of working families, And so that the rules are applied aggressively and sequentially ", - said Hensler.

He added, that regulators should be prepared to pursue fraudulent private funds, insider trade and many other potential traps for investors, emerging in capital markets.

This month, SEC warned investors about the risks of buying futures and funds for bitcoin. The commission called Bitcoin an "asset with an extremely high level of risk". According to Cornstone Research, SEC settled 70% disputes against cryptocurrency firms, from 2013 for years imposing fines in the amount of $1.77 billion.