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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reiterated his view that crypto is a field full of noncompliance. While noting that crypto is a small piece of the overall U.S. financial market that his agency oversees, the SEC chair emphasized that it is “an outsized piece of the scams and frauds and problems in our markets.”
Much of the Crypto Field Is ‘Noncompliant With the Protections of Our Securities Laws’
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler discussed crypto among other topics in an interview with CNBC on Tuesday. “We oversee a $110 trillion capital market. About half of that is the stock market. Half, as you might know, is the bond markets and other markets,” Gensler said, adding:
Crypto is a small piece of our overall markets. But it’s an outsized piece of the scams and frauds and problems in our markets because … much of this field is noncompliant with the protections of our securities laws.
Regarding the SEC’s Wells notice to Robinhood Markets over its crypto operations, Gensler stressed: “Many of those tokens are securities under the law of the land, as interpreted by the U.S. Supreme Court. So we follow that law. And you, the investors, are not getting the required or needed disclosures about those assets.” Pointing out that “this is earnings seasons right now,” Gensler said: “Where’s the disclosures from these crypto tokens similar to these season earnings releases?”
The SEC chairman also stressed that crypto investors are not getting the proper disclosures they should, stating:
We’re also paid to be merit-neutral. Investors get to decide as long as they get the full, fair, complete and truthful … information. They’re not getting that in crypto.
“Genuinely, I think they’re not getting that in crypto,” Gensler reiterated. “And if they are a crypto security, it’s required and needed.”
What do you think about the statements by SEC Chair Gary Gensler about crypto? Let us know in the comments section below.