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SEC Chair Gensler Warns of Crypto Fraud and Bankruptcies, Questions Token Value Proposition

SEC Chair Gary Gensler expressed concerns about fraud and noncompliance in the crypto industry, including issues such as commingling customer funds and trading against customers. He also warned investors to be cautious and prepared to lose all their assets. The SEC remains the most prominent regulatory body for the US crypto industry. In other news, the developer behind Hegic reportedly purchased a third of all tokens associated with their other platform before announcing its closure and liquidation, resulting in potential profits for Hegic. CoinDesk's Regulation Team will be sharing their predictions for 2023, and readers are invited to share their own expectations for 2024. News outlets are reporting on topics such as Sam Bankman-Fried's involvement in the 2022 midterm elections and Bhutan's plans to build a megacity for economic development, but there are no notable hearings or events in the crypto industry this week.

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