According to FinanceFeeds, SEC Commissioner Carolyn A. Crenshaw expressed serious concerns about the lack of basic protections for retail investors at the latest cryptocurrency task force roundtable. She pointed out that most crypto trading platforms are not registered with any regulator, while integrating brokerage, clearing, and custody functions within a single entity, in contrast to traditional financial marekts that separate these functions to avoid conflicts of interest.
Mr. Crenshaw highlighted a serious disconnect between investors' expectations for the protection of their crypto assets and reality - many were unaware that crypto assets were considered exchange property when an exchange went bankrupt, or that these investments were not covered by FDIC or SIPC insurance.
SEC commissioner questions current state of cryptocurrency investor protection
2025-04-14 13:31:03
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