Crypto market is like 1920s stock market, full of ‘fraudsters’ By Cointelegraph

In a June 8 speech at the Piper Sandler Global Exchange & Fintech Conference, United States Securities and Exchange Commission (SEC) Chair Gary Gensler compared the current crypto market to the 1920s U.S. stock market, saying that it is full of “hucksters,” “fraudsters” and “Ponzi schemes.” Just as Congress cleaned up the stock market by enacting securities laws, the current SEC can also clean up the crypto market by applying these laws, he argued.

In the talk, Gensler praised the Securities Act of 1933 and Securities Exchange Act of 1934, claiming that these laws allowed the U.S. securities markets to “thrive” over the next 88 years. He argued that the “crypto securities markets” of today should also benefit from these laws, as they are not “less deserving of the protections” the laws provide.