SEC’s Gensler Likens Crypto to ‘Fraudsters, Scam Artists, Ponzi Schemes’ of 1920s

Securities and Exchange Commission (SEC) head Gary Gensler does not want the U.S. financial system to return to the 1920s, a time before the government adopted federal securities laws.
Gensler delivered a virtual keynote address to the Piper Sandler Global Exchange & FinTech Conference in New York on June 8, providing a combative defense of his agency’s latest actions against the cryptocurrency industry, accusing crypto exchanges Binance and Coinbase in lawsuits of operating illegally and trading in unregistered securities.
Binance allegedly failed to restrict U.S. clients from its platform, established separate U.S. entities to evade federal securities laws and misled investors about market surveillance controls….