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SEC Chairman: Crypto Markets Need Disinfectant

26 Mar, 2024 Crypto people

SEC Chairman: Crypto Markets Need Disinfectant

SEC Chair Gary Gensler recently criticized certain elements within the cryptocurrency industry for bypassing the regulatory framework mandated by the agency.

In remarks prepared for a speech at Columbia Law School on March 22, Gensler concluded his address by taking issue with the way some crypto businesses handle regulatory compliance.

He highlighted the importance of mandatory disclosures for all market participants, echoing the words of Supreme Court Justice Louis Brandeis: “Sunlight is said to be the best of disinfectants.”

Gensler expressed concern that "[T]here still are those who would like to whittle away at the SEC’s disclosure regime,” emphasizing that some actors in the crypto securities sector are attempting to sidestep the obligatory registration processes.

According to Gensler, the absence of registration equates to a lack of compulsory disclosures, and he suggested that the crypto market would benefit from more transparency.

This commentary aligns with the SEC's current trajectory of pursuing legal actions against leading crypto organizations such as Kraken, Binance, Ripple, and Coinbase.

Amid these enforcement efforts, various crypto entities and advocacy groups have been urging the SEC for clearer regulatory guidelines to foster innovation within the United States.

Furthermore, it's been reported that the SEC has issued subpoenas in a move that might lead to classifying Ether as a security, thereby bringing it under the SEC's regulatory scope.

Over the past couple of years, the SEC has also progressed in sanctioning crypto-related exchange-traded products (ETPs) on U.S. exchanges, including those linked to ETH and Bitcoin futures, as well as the approval of the first spot BTC exchange-traded funds (ETFs) in January.

Sources:

https://cointelegraph.com/news/gary-gensler-crypto-disinfectant

https://www.sec.gov/news/speech/gensler-remarks-columbia-law-school-032224

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