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May
17
US SEC Cautions On Investing In Crypto
By: In: Technology

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The US Securities and Exchange Commission has warned the investing public about cryptocurrencies, stating that the digital asset class is not that decentralized.

This criticism comes days after the Nigeria SEC decided to regulate digital assets.

The US Securities and Exchange Commission Chairman, Gary Gensler disclosed this during an appearance at a FINRA conference.

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He went on to say that investors should not believe they own their cryptocurrency tokens, noting that using a digital wallet on a platform signifies a transfer of ownership to the platform.

READ MORE  SEC Issues New Regulations On Issuance, Exchange of Cryptocurrencies In Nigeria

What US SEC is saying

Investors should not believe they own their crypto tokens, according to Gensler, because using a digital wallet on a platform constitutes a transfer of ownership to the platform.

If the platform goes down, guess what? You just have a counter-party relationship with the platform,” Gensler said. “Get in line at bankruptcy court.”

He said, “When [the platforms] take your custody when they take those tokens, they can use them, they can trade them. It’s not like when you trade in the equity markets,” Gensler said. “They’re making markets against you.”

What you should know

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