The U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has criticized crypto exchanges, stating that they are not acting in the best interest of their users. He pointed out that these centralized platforms are taking advantage of their users and operating in an unacceptable manner. Gensler also highlighted the speculative nature of cryptocurrencies and stated that investors should not assume they are protected by securities laws. Although Gensler avoids discussing the issue of appeal in the landmark Ripple ruling, his comments emphasize the need for regulations in the crypto industry.
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