US securities regulator says crypto events underscore industry risks

The turmoil in the cryptocurrency industry of the last few days underscores the risks inherent in the industry as intermediaries handle so many core functions, the head of the top US markets regulator said.

Securities and Exchange Commission (SEC) Chair Gary Gensler used the events of the last few days – centered on concerns over the financial healthy of major cryptocurrency exchange FTX – to emphasize the risks of a crypto industry that has been operating outside of traditional financial markets’ oversight.

“I’ve been saying this for well over a year now in this job: come in, get registered, come within the securities laws,” Gensler said during a Healthy Markets Association event.