SEC'S GENSLER SAYS CRYPTO INVESTORS NEED MORE PROTECTION
AppleMagazine|AppleMagazine #510
The chairman of the Securities and Exchange Commission said that investors need more protection in the cryptocurrency market, which he said is “rife with fraud, scams and abuse.”

Gary Gensler, appointed by President Joe Biden to lead the body that regulates securities markets, listed several areas where crypto needed to be reigned in or regulated, particularly with regard to money laundering, sanctions, tax collection and extortion via ransomware.

“Right now, we just don’t have enough investor protection in crypto,” Gensler said in remarks to the Aspen Institute’s forum on security, “Frankly, at this time, it’s more like the Wild West.”

Digital currencies, like Bitcoin, have been left largely unregulated by major governments up to this point. In June, China ordered cryptocurrency mining operations shut down and banks started refusing to help customers with Bitcoin transactions. Although the SEC has brought and won dozens of cases against fraudsters, Gensler said the agency needs more authority from Congress — and more resources — to regulate the crypto markets.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM APPLEMAGAZINEView All

3 Times You Need Money Advice from a Human

You can now manage most aspects of your money without ever consulting another human being. You can budget, borrow, save, invest, buy insurance, prepare your tax return and create a will — among many other tasks — by using apps, websites and software.

4 mins read
AppleMagazine
November 26, 2021

MANY SCIENTISTS BACK BIDEN'S MOVE TO TAP OIL RESERVE

Democrats and climate activists generally supported President Joe Biden’s decision to release a record 50 million barrels of oil from America’s strategic reserve, even as the move appeared to contradict his long-term vision of combating climate change.

4 mins read
AppleMagazine
November 26, 2021

APPLE SUING ISRAELI HACKER-FOR-HIRE COMPANY NSO GROUP

Apple announced it is suing Israel’s NSO Group, seeking to block the world’s most infamous hacker-for-hire company from breaking into Apple’s products, like the iPhone.

2 mins read
AppleMagazine
November 26, 2021

DISNEY'S ANIMATED ‘ENCANTO' EFFORTLESSLY ENCHANTS

Mirabel is extraordinary, in that when it comes to her family, she is totally normal.

3 mins read
AppleMagazine
November 26, 2021

DOORDASH'S TECHNOLOGICAL KNOW-HOW OFFERS HELP TO FOOD BANKS

Susan Goodell needed help. In the early days of the COVID-19 pandemic, Goodell, CEO of the El Pasoans Fighting Hunger Food Bank, would look out the window at the long line of clients picking up the food available that day, while she and others answered calls from others who couldn’t travel to a distribution point.

4 mins read
AppleMagazine
November 26, 2021

EL SALVADOR TO BUILD CRYPTO-FUELED ‘BITCOIN CITY'

In a rock concert-like atmosphere, El Salvador President Nayib Bukele announced that his government will build an oceanside “Bitcoin City” at the base of a volcano.

2 mins read
AppleMagazine
November 26, 2021

Do It Yourself

Apple opens a new era for device repairs

6 mins read
AppleMagazine
November 26, 2021

SAMSUNG EXPECTED TO BUILD $17B CHIP FACTORY IN TEXAS

Samsung is planning to build a $17 billion semiconductor factory outside of Austin, Texas, amid a global shortage of chips used in phones, cars and other electronic devices.

4 mins read
AppleMagazine
November 26, 2021

NYC AIMS TO BE FIRST TO REIN IN AI HIRING TOOLS

Job candidates rarely know when hidden artificial intelligence tools are rejecting their resumes or analyzing their video interviews. But New York City residents could soon get more say over the computers making behind-the-scenes decisions about their careers.

4 mins read
AppleMagazine
November 26, 2021

TOO MANY OLD GHOSTS MAR ‘GHOSTBUSTERS: AFTERLIFE'

“Ghostbusters: Afterlife” — the direct cinematic follow-up to 1984 classic — is haunted, of course. But not in a good way.

3 mins read
AppleMagazine
November 26, 2021
RELATED STORIES

A Normie's Guide to Becoming a Crypto Person

How to (cautiously and skeptically) fall down the rabbit hole.

10+ mins read
New York magazine
November 22 - December 5, 2021

The SEC Is On the Prowl For Crypto

Digital upstarts and securities regulators are playing a cat-and-mouse game

6 mins read
Bloomberg Businessweek
September 20, 2021

The Money Game: Jen Wieczner

The Antiquarian’s Approach to Crypto Wall Street’s top cop wants to police new finance with old rules.

10+ mins read
New York magazine
September 13 - 26, 2021

The SEC Takes On Crypto

Gary Gensler says the watchdog has power to protect investors in digital assets

6 mins read
Bloomberg Businessweek
August 09 - 16, 2021 (Double Issue)

Bitcoin: Fool's Gold or Digital Gold?

The past year has seen the Bitcoin vs Gold as a hedge investment debate hotting up. The price rally in cryptocurrency has led to a shift in sentiments, with many investors now finding it a viable investment.

3 mins read
Industry Leaders
March 2021

SIX KEYS TO UNLOCKING UPSKILLING AT SCALE

Research suggests that with the right mind-set, technological literacy, and community engagement, you can shepherd your entire workforce into the digital future.

10+ mins read
strategy+business
Summer 2020

A BANKER'S 2020 VISION

TECHNOLOGY IS TRANSFORMING THE FINANCIAL-SERVICES LANDSCAPE.

5 mins read
Baltimore magazine
May 2020

10 Small Business Ideas That You Can Consider for Spring

Spring is a time for renewal. The long winter has come and gone, replacing blustering winds, leafless trees and frosty mornings with newborn lambs and the first rays of summer. Flowers aren’t the only things that start to sprout up in spring though; it’s the perfect opportunity for a new small business to make its mark.

7 mins read
Home Business Magazine
Spring 2020

The Future is Now

Artificial intelligence and blockchain among the new and emerging tech trends that will shape 2020

7 mins read
Certification Magazine
January 2020

Distribution And Discoverability

Independence comes at a price. While supply-chain optimization, technological innovation, and shifts in reading and buying habits have lowered operating costs for many in the book business, publishers included, the price of independence is still mostly paid in the form of costs related to diffusion, such as fees paid to third-party sales and distribution companies, without whom it would be logistically impossible for indie presses—at least those like Europa Editions—to deliver books to our retail partners and, through them, to readers.

5 mins read
Poets & Writers Magazine
November - December 2019