US Securities and Exchange Commission (SEC) Chairman Gary Gensler expressed concerns about the lack of oversight in the cryptocurrency market in a recent interview with CNBC.
He declined to comment on whether the agency would approve Bitcoin Exchange Traded Funds (ETFs), noting that the SEC is still reviewing applications for spot Bitcoin ETFs.
Gensler emphasized that the SEC is taking recent court decisions into consideration as part of its review process. According to Gensler's statement, the institution is currently evaluating between 8-12 spot Bitcoin ETFs. However, Gensler reiterated concerns about the lack of adequate oversight in the crypto market.
“There are so many scams and bad actors in the 'crypto' space… This is the Wild West… It's hard for even well-intentioned people to compete,” Gensler said.
In addition to his comments on cryptocurrencies, Gensler also emphasized the importance of reducing risks in the US Treasury bond markets.
*This is not investment advice.