US Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a speech today: cryptocurrency He cited the industry as a problem area and accused it of avoiding public disclosure by avoiding registration.
Gensler, who has led a legal fight against what he perceives as a largely noncompliant industry during his tenure, has suggested that digital asset businesses are among those seeking to undermine the SEC’s disclosure regime. This regime requires companies to register securities and provide investors with information about them.
“There are participants in crypto securities markets who want to avoid these registration requirements,” Gensler said in a speech prepared for an event at Columbia Law School. “No registration means no mandatory disclosure.”
“Many agree that crypto markets could benefit from some disinfectant,” Gensler added. The regulator is currently pursuing various enforcement actions against companies it accuses of failing to register as exchanges and listing unregistered securities, such as Coinbase and Binance. He is also reportedly exploring Ethereum (ETH) and considering classifying the asset as a security, unlike Bitcoin.
Gensler’s statement that crypto platforms should be registered may soon be tested. Prometheum, the first firm to launch as an approved, special-purpose crypto brokerage firm, is preparing to open this business to its customers, according to its executives. Coinbase, on the other hand, asked an appeals court to intervene and force the SEC to impose crypto-specific rules.
*This is not investment advice.
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