News - "Down with crypto platforms, now!"

By Mike Hesp

"Down with crypto platforms, now!"

USA
Laws and regulations

According to John Reed Stark, former SEC division chief, the "siege" of crypto platforms by U.S. regulators has just begun. How neutral his statements are, however, is questionable.

Former SEC staffer John Reed Stark has warned crypto users against further action by U.S. regulators. This is according to a tweet from the former head of Internet enforcement at the Securities and Exchange Commission.

According to the tweet, investors should "withdraw from crypto platforms" that are "highly risky" and "inherently unsafe." Stark also believes that the SEC is "spot on" with its enforcement against crypto exchanges.

According to him, there is not just a gap in consumer protection on crypto exchanges, but a "huge gap." In the remainder of his statement, Stark lists the SEC's requirements for compliant trading platforms. Crypto exchanges, on the other hand, lack such standards, Stark said.

John Reed Stark is considered a veteran of the U.S. Securities and Exchange Commission. He worked there for 20 years, including 11 years in the Internet Enforcement Division.

According to his statement, Stark usually considers himself an "outspoken and dedicated SEC critic." Recently, however, he accused crypto exchange Coinbase of manipulation and misleading the public.

However, because of his previous statements and his SEC past, it is questionable how neutral his statements about cryptocurrencies really are.

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