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(CNN) The chairman of the Securities and Exchange Commission doesn t have a lot of love for cryptocurrencies. This asset class is ripe with fraud, scams and abuses in certain applications, SEC chairman Gary Gensler said during an interview at the virtual Aspen Security Forum.
Gensler also said he believes cryptocurrencies are securities, which would put them under the purview of the SEC. The regulatory uncertainty surrounding digital currencies has been the subject of lawsuits and investigations in recent years, and whose jurisdiction the assets fall under has yet to be definitively answered.
According to Gensler, crypto investors simply do not have sufficient information available to judge and understand the risks of investing in digital assets.
Crypto assets are ripe with fraud, scams and abuses, warns SEC chair
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