In his most straightforward warning to date, Securities and Exchange Commission chair Gary Gensler published a video explaining how crypto exchanges have miscategorized most crypto assets as non-securities.

In addition to failing to register with the SEC, exchanges have failed to disclose risks, segregate customer assets, surveil market misconduct, nor file information necessary for reasonable investment decisions.

Listen to this article to discover the different ways Gensler says crypto exchanges are operating illegally, his warnings to these to these entities, and how crypto Twitter reacted.

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