The crypto market could use some "disinfectant," said Securities and Exchange Commission Chair Gary Gensler, making his latest dig at the industry.
During a speech on Friday at the Columbia Law School conference, Gensler spoke about the need and benefits of disclosures in general in the financial markets, such as on climate and cyber risks. Gensler said that disclosures provide for more efficient markets and ultimately protect investors. "There are participants in crypto securities markets that seek to avoid these registration requirements," Gensler said in his prepared remarks. "No registration means no mandatory disclosure. Many would agree that the crypto markets could use a little disinfectant."Gensler has consistently warned that crypto exchanges need to register with the agency and that crypto firms are subject to the same rules as traditional finance.
Over the past year, the SEC charged Coinbase, Kraken and others for allegedly operating as an unregistered exchange, broker, dealer and clearinghouse. Meanwhile, crypto firms have argued that it's not possible to register with the agency. Gensler also focused on the need for disclosures related to executive compensation, climate and cyber risks in his prepared remarks on Friday. This comes as the SEC voted earlier this month to adopt rules requiring companies to disclose climate-related risks. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space.
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