Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), continues to crack down on the crypto industry. In an investor advisory committee, the SEC Chair declared that lending platforms and crypto exchanges operate “investment advisers can’t rely on them as qualified custodians.” Gensler added:
Just because a crypto trading platform claims to be a qualified custodian doesn’t mean that it is. When these platforms fail- something we’ve seen time and again — investors’ assets often have become property of the failed company, leaving investors in line at the bankruptcy court.
