SEC Chairman: Companies Associated with Crypto Storage Are Violating Current Rules
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According to Gary Gensler, chairman of the Securities and Exchange Commission (SEC), companies associated with the storage of cryptocurrencies are flagrantly violating current rules designed to protect customers.
These comments come after the regulator decided to expand and strengthen the role of qualified custodians in relation to cryptocurrencies.
He has explained:
“The current model is actually not about control, but about owning coins and mixing them with the funds of thousands, and often hundreds of thousands or even millions of other accounts.”
According to Gensler, the business of crypto platforms currently does not meet the standards of a qualified custodian, according to the rule of keeping assets established in 2009.
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