The SEC’s unwavering push for cryptocurrency regulation “leaders” are either awaiting extradition or are already in jail.

The SEC’s unwavering push for cryptocurrency regulation “leaders” are either awaiting extradition or are already in jail.

According to Gensler, the cryptocurrency industry is rife with fraudsters, scammers, and scams, noting that many of the cryptocurrency industry’s “ringleaders” are either awaiting extradition or are already in jail.

Sanjay Wadhwa, Deputy Director of the SEC’s Division of Enforcement, claimed that today’s enforcement action demonstrates that some retail investors are victims of institutional fraudulent activity in the cryptoasset marketplace.Wadhwa claimed that self-appointed market markers are teaming up to target cryptocurrency marketplace investors with false expectations of profitability.

On October 14, the SEC charged Truecoin and TrustToken with defrauding investors in stablecoin investment programs. Jorge G. Tenreiro, Acting Head of the SEC’s Crypto Assets and Networks Division, claimed that the two companies sought to make profits by subjecting investors to undisclosed and significant risks. He also added that there were misrepresentations about the investment’s security.Truecoin agreed to pay $340,930 and $31,538 in forfeitures and pre-trial interest, respectively.