Gary Gensler: "Market manipulation of cryptocurrencies is happening 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 isolated incidents in the crypto industry. During a hearing in the Senate Committee on Budget Appropriations, Gary Gensler assured that the commingling of client funds and abuse of user trust are observed on many operating crypto platforms. The official highlighted 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 ahead of 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 are doing so, 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. Violating the law and not understanding the law are different. Existing laws provide sufficient clarity for financial companies," reassured the official.