The Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, has received attention from the online community for his warning against cryptocurrencies on the platform X, formerly known as Twitter. In a video message, Gensler expressed concerns about non-compliance with securities laws and other regulations in the crypto space, referring to it as the "wild west" and highlighting the prevalence of fraud. However, community members pointed out that crypto companies like Coinbase have been seeking clarity on regulatory guidelines from the SEC for several years, and the agency's reliance on enforcement rather than clear rules has created challenges for compliance. Coinbase has recently filed an appeal after the SEC denied its petition for new rules in the digital asset industry.
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