05.16.22
Gensler: Plenty of Pitfalls for Clients Investing in Crypto
by: Bruce Kelly
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on Monday outlined a number of shortcomings facing financial advisors’ retail clients who are investing in digital assets. While broker-dealers aren’t extremely active in selling digital assets, their clients are interested in the sector, noted Robert Cook, president and CEO of the Financial Industry Regulatory Authority (FINRA), who was speaking with Gensler at FINRA’s annual meeting. Cook asked Gensler about the SEC’s goals or expectations when it comes to digital assets. The investing public right now is not getting the disclosures they receive when buying other assets, Gensler said. “We have this basic bargain. The investing public can make their choices about what risks they take, and with full and fair disclosure, and people aren’t supposed to lie to you.”
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