Bitcoin price is above $45,000 and potential issuers are doing everything necessary before official approval. The ball is now in the SEC’s court and official approval is expected by the end of Wednesday. While everyone was pulling the trigger, SEC Chairman Gensler did something he rarely does and started writing about cryptocurrencies. So what did he say?
Cryptocurrencies Last Minute
SEC Chairman Gensler is known to most investors for his crypto securities litigation, but he is also a leading figure in the field, having taught Bitcoin and cryptocurrencies at MIT. That’s why he knows better than most Democrats what cryptocurrencies are and aren’t. A few minutes ago, on the eve of SEC ETF approval, Gensler shared a list of things anyone considering investing in cryptocurrencies should consider.
There are three items on the list, and these are things he has pointed out before. However, the timing is quite significant. Here is what they wrote:
“There are some things you should keep in mind if you are considering investing in crypto assets. Providers of crypto asset investments/services may not comply with applicable laws, including federal securities laws. Investors in cryptoasset securities should understand that they may be deprived of important information and other important protections in connection with their investments.
Investments in crypto assets can also be extremely risky and are often volatile. A number of major platforms and crypto assets have gone bankrupt and/or lost value. Investments in crypto assets remain subject to significant risks.
Scammers continue to take advantage of the growing popularity of crypto assets to lure individual investors into scams. These investments continue to be rife with fraud, including fake coin offerings, Ponzi and pyramid schemes, and outright theft where a project backer disappears with the investors’ money.”
