SEC Chair Warned of Crypto Exchanges Working Against Their Clients’ Best InterestsAccording to Gary Gensler, some digital asset platforms “are trading against their customers” with their actions.
he is “intrigued” by the sector but wants investors to have maximum protection when dealing with bitcoin or altcoins.for Bloomberg News, Gensler expressed concerns that some crypto exchanges fail to protect their customers with the necessary security mechanisms. Some of these areas that people should be aware of include custody and market-making. The American opined that this “commingling” of services might not be in customers’ best interests.
Gensler reiterated that most digital assets fall under the Commission’s range. As such, exchanges providing crypto opportunities should register with the SEC, assuring that the regulator will bolster its enforcement efforts in the field in the future.