After Celsius’ Troubles, SEC Boss Gary Gensler Issues Warning on Dangers of Unregulated Crypto Industry

After Celsius’ Troubles, SEC Boss Gary Gensler Issues Warning on Dangers of Unregulated Crypto Industry


The head of the U.S. Securities and Exchange Commission (SEC) is issuing a warning to traders on the unregulated nature of the crypto industry after crypto lending platform Celsius (CEL) halted withdrawals amid potential insolvency.

In a new interview with the Wall Street Journal, SEC Chairman Gary Gensler warns investors that when they put crypto assets onto an exchange or lending platform, they are technically giving up ownership of their coins.

“If you basically are using a crypto exchange and many of the crypto lending platforms, they actually own your assets in some joint omnibus account on what’s called the underlying blockchain, this underlying accounting ledger you’ve maybe heard about.

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And then you see things like this weekend and Monday where one crypto exchange

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