Securities and Exchange Commission (SEC) chairman Gary Gensler spoke with Fox Business on Tuesday in response to reports his agency is scrutinizing the relationship between the U.S. arm of the Binance cryptocurrency exchange and two firms tied to Chinese-Canadian business executive Changpeng Zhao, the founder of Binance.
US Securities and Exchange Commission chair discusses regulating the digital money market on 'The Claman Countdown.'
On "The Claman Countdown", host Liz Claman noted Gensler cannot speak to individual cases but asked why a currency exchange not disclosing such relationships is an issue for the SEC. "What's important is investors get basic investor protection protections against fraud and manipulation," Gensler added. "And as many of the tokens on these platforms may well be securities, that's where the Securities and Exchange Commission comes in."
Gensler also discussed the recent $100 million settlement between the SEC and 32 states and BlockFi Lending LLC over its failure to register offers and sales of its retail crypto lending product, as well as violations of the Investment Company Act of 1940.
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