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TechFlow news — SEC Chair Gary Gensler said entrepreneurs in the cryptocurrency industry have often built business models around noncompliance with laws, leading to excessive fraud and bankruptcies.
Gensler noted that among his concerns in the crypto sector are firms commingling customer funds—a concern reflected in several of the SEC’s complaints against crypto companies this year—and trading against their own customers.
SEC Chairman Gary Gensler said entrepreneurs in the cryptocurrency industry have often built business models around noncompliance with the law, where there is too much fraud and bankruptcy. Gensler stated that among his concerns in the cryptocurrency space are companies commingling customer funds—a concern reflected in some of the SEC's complaints against cryptocurrency firms this year—and trading against their own customers.
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