Gary Gensler: 'Market manipulations with cryptocurrencies occur almost everywhere' The Chairman of the US Securities and Exchange Commission (SEC) stated that the market manipulations that occurred on the collapsed FTX cryptocurrency exchange are not an isolated case in the crypto industry. During hearings in the Senate Committee on Budget Appropriations, Gary Gensler assured that the commingling of client funds and abuse of user trust is observed on many active crypto platforms. The official emphasized the differences between traditional stock exchanges and crypto exchanges: the latter often engage in activities that are prohibited on the former. 'The NYSE stock exchange cannot manage a hedge fund and trade against its clients or front-run the market, surpassing its users. But in the crypto industry, this happens on many exchanges: they combine all these functions,' explained the chairman of the regulatory agency. In response, Republican Senator Bill Hagerty from Tennessee expressed concern about the lack of clarity in cryptocurrency regulation in the United States. It is precisely the regulatory uncertainty that pushes cryptocurrency exchanges to operate offshore. Gensler disagreed with Hagerty, stating that only companies that have decided not to comply with US securities laws behave this way, while these laws effectively protect capital markets. 'The overwhelming majority of cryptocurrencies fall under securities laws, and cryptocurrency exchanges do not provide their clients with complete information. Violation of the law and disregard for the law are different from lack of clarity. Existing laws for financial companies provide enough clarity,' assured the official.