Gary Gensler, chairman of the Securities and Exchange Commission (SEC), has revealed that the regulator will use all available tools to bring crypto platforms into compliance with its rules. In addition, the SEC chief said: “Proof of reserves is neither a full accounting of the assets and liability of a company, nor does it satisfy segregation of customer funds under the securities laws.”
In an interview with Bloomberg Thursday, the SEC chief said that the SEC is just getting started cracking down on crypto firms that don’t follow its rules. It remains a priority of the SEC to use all the tools we have to bring the industry into compliance.
Gensler’s efforts to bring crypto firms into compliance have led to the charges against Wang and Ellison, making it clear that the SEC is serious about enforcing its regulations in the sector. These charges show that the SEC is serious about making sure its rules are followed in the crypto sector and is willing to use all the tools it has to do so.
