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SEC Chair Raises Concerns About Fraud and Manipulation in Crypto Industry Amid Pending Bitcoin ETF Applications

Gary Gensler, the Chair of the Securities and Exchange Commission, expressed doubts about the crypto market and raised concerns about fraud and manipulation when asked about pending applications for spot bitcoin exchange-traded fund applications. Gensler stated that there is a lot of noncompliance in the crypto industry and that the platforms where trading occurs are not necessarily compliant with time-tested protections against fraud and manipulation.

The comments suggest that regulatory hurdles related to transparency and manipulation in the underlying market will likely remain for bitcoin ETFs. Gensler declined to comment on digital asset-related legislation advancing on Capitol Hill and the ongoing enforcement action against Ripple Labs over XRP.

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