SEC Chair Calls For Cleansing Measures In Crypto Markets

Gary Gensler, who’s in charge of the United States Securities and Exchange Commission (SEC), pointed fingers at folks in the crypto world, saying some didn’t bother signing up like they were supposed to.

In a speech he prepared for Columbia Law School on Mar 22, Gensler targeted crypto companies’ handling of rules. He said it’s important for market players to disclose information, backing this up with words from Justice Louis Brandeis, who once said, “Sunlight is the best disinfectant.

The SEC chair said some people still want to weaken the SEC’s information-sharing rules. He mentioned that in the crypto markets, some players don’t want to follow the rule of registering. You don’t have to share important information when you don’t register. Many folks think it’s important to spotlight the crypto markets.

SEC Targets Major Crypto Players

Gensler’s comments coincided with the SEC’s active pursuit of enforcement actions against prominent cryptocurrency companies such as Kraken, Binance, Ripple, and Coinbase. Numerous crypto firms and advocacy organizations have urged the SEC to establish transparent regulatory guidelines to foster innovation within the United States.

The commission issued subpoenas to possibly label Ether as a security under the SEC’s control. Over the past few years, the commission has approved crypto-related exchange-traded products for U.S. exchanges. These include investment options connected to ETH and Bitcoin futures and the first BTC exchange-traded funds in January.

Related Reading | Ethereum North Korea Transfer To BlackRock via Tornado Cash Sparks Rumors

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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