Crypto Markets Require Transparency, Says SEC Chair Gary Gensler
The US Securities and Exchange Commission (SEC) Chair Gary Gensler has criticized crypto industry participants for avoiding registration requirements with the regulator.
In his closing remarks during a speech at Columbia Law School , Gensler emphasized the importance of mandatory disclosure for market participants, referring to Supreme Court Justice Louis Brandeis’ statement that “Sunlight is said to be the best of disinfectants.”
Gensler expressed concern over certain participants in the crypto securities markets seeking to evade registration requirements, which results in a lack of mandatory disclosure.
He highlighted the need for transparency in the crypto markets, suggesting that some disinfectant measures could benefit the industry.
Over the past year, the SEC has filed numerous lawsuits against crypto firms, with SEC Chair Gary Gensler consistently asserting that most cryptocurrencies should be classified as securities.
For one, the agency initiated a civil case against Sam Bankman-Fried , co-founder of FTX.
In addition to the case against Bankman-Fried, the SEC filed lawsuits against other major crypto players, including Binance, its CEO Changpeng Zhao , and Coinbase .
Many industry players and advocacy groups have called on the SEC to establish clear regulatory guidelines to foster innovation within the United States.
The SEC has reportedly issued subpoenas as part of its campaign to potentially classify Ethereum (ETH) as a security under its regulatory purview.
“[T]here still are those who would like to whittle away at the SEC’s disclosure regime,” said the SEC chair.
“There are participants in crypto securities markets that seek to avoid these registration requirements. No registration
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