In a June 25 Bloomberg interview, SEC chair Gary Gensler reiterated his criticism of the crypto industry, calling it highly centralized and citing "significant non-compliance."

Gensler dismissed the notion of decentralization in the sector, noting that a few platforms are centralizing activities that would not be allowed elsewhere. He highlighted specific violations such as trading against customers, front-running, and taking investments in a contract before listing.

He pointed out that many prominent figures in the crypto sector are either in jail or facing jail time, emphasizing the seriousness of the issue and the need for investor protections.

Gensler mentioned that non-compliance extends beyond securities laws to include the Bank Secrecy Act, the Commodity Exchange Act, and anti-money laundering laws.

Regarding tokens, Gensler stated that many crypto platforms deal with tokens that are considered securities under existing laws and Supreme Court rulings. He emphasized that tokens are offered as investment contracts and that the US public is not receiving the required disclosures. He noted that intermediaries like crypto exchanges and broker-dealers handle numerous assets, questioning the logic of their structure.

Gensler said the SEC has taken legal action against many firms due to these violations, which harm the public.

When asked about political matters, Gensler avoided answering, including questions about Mark Cuban's suggestion that his crypto policies could affect Joe Biden's election prospects. He also did not comment on whether spot Ethereum ETFs might be approved soon, only stating that the process is proceeding "smoothly."