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  • Writer's pictureMichael Paulyn

The SEC Chair, Gary Gensler, Gives Crypto Companies Stern Warning

Recently the United States Securities and Exchange Commission (SEC) announced that they had reached a settlement agreement with Kraken, the cryptocurrency exchange. The SEC's chair, Gary Gensler, did, however, sternly warn all crypto companies that they should "come in and respect the law."

Kraken agrees to pay $30 million in fines, including disgorgement, prejudgment interest, and civil penalties. Kraken no longer offers its staking services and programs to its retail customers within the US, although this is still available in other countries.

In 2018, Gensler told NC's Squawk Box that all cryptocurrency exchanges should register with the SEC to remain compliant with the rules in the United States. He added that many exchanges were simply "choosing" not to follow the rules and were ignoring these requirements.

Additionally, Gensler shares that "time-tested norms and laws to safeguard the investing public" are necessary for the industry to have any hope of surviving and thriving in the future. Don't put your hand in the customer's wallet by utilizing their money for your platform."

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