SEC Chair Gary Gensler on His Crypto Crackdown

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The Wall Street Journal

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🗓️ 14 June 2023

⏱️ 16 minutes

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Summary

Kate Linebaugh sat down with SEC Chair Gary Gensler to discuss why the agency is working to reign in crypto. Further Listening: - A Crypto Exchange Crackdown - The Rise of Binance - And The Effort to Reel It In - The Charges Against FTX's Sam Bankman-Fried Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The Securities and Exchange Commission took some big steps last week to regulate the crypto
0:10.1	industry.
0:11.9	Securities and Exchange Commission filing charges against Binance and its founder CZ from
0:17.3	his handling customer funds and breaking securities rules.
0:20.5	The SEC is suing crypto trading platform Coinbase, saying it is operating illegally as
0:25.7	a fail to register as an exchange.
0:27.6	And that is just the latest move in a crackdown it appears against crypto companies in general.
0:33.7	These two lawsuits, in which the SEC alleges that Binance and Coinbase are illegally operating
0:39.9	as unregistered exchanges, are the starting bell in what could be a long fight.
0:45.8	Both companies say they will defend their businesses in court.
0:49.8	And it sets up what could be a critical moment for crypto in the US.
0:54.6	And a big test for the SEC.
1:00.9	On Monday, we went to Washington, DC to talk with a person in charge of protecting American
1:07.0	investors.
1:08.0	SEC chair Gary Gensler.
1:11.1	I've seen some non-compliance from time to time in traditional finance, but I've never
1:15.8	seen a whole field so built upon non-compliance with law.
1:22.6	And frankly speaking, that's what a lot of the business model is.
1:30.5	Welcome to the journal, our show about money, business and power.
1:34.8	I'm Kate Leinbaw, it's Wednesday, June 14th.
1:44.1	Coming up on the show, SEC chair Gary Gensler tells us why he's going after crypto.
2:04.5	What will the world look like 10 or 20 years from now?
	...

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