Regulation
Gary Gensler Says Crypto Exchanges Are Doing What the NYSE ‘Never Should Have Been Allowed to Do’
The chairman of the US Securities and Exchange Commission (SEC) says cryptocurrency exchanges are doing what the New York Stock Exchange (NYSE) would never be allowed to do.
In a new interview on CNBC’s Squawk Box, SEC Chairman Gary Gensler He says that cryptocurrency trading platforms do not provide investors with adequate information required by law and may be trading against consumers.
“At this time, without prejudice to anyone, these tokens have not provided you with the information not only necessary to make your investment decisions, but also required by law.
It’s a basic concept in our securities markets… and what President Roosevelt did was create this commission to oversee that you, the investors, get disclosure, and in the cryptocurrency markets they don’t give you that disclosure.
And secondly that exchanges, like the New York Stock Exchange, are properly regulated to protect against fraud and manipulation, and do not trade against you. And these cryptocurrency exchanges are doing things that we would never allow the New York Stock Exchange to do. Our laws do not allow you to trade against your customers.
Gensler also touched on the Ethereum commercial endorsement (ET) exchange-traded funds (ETFs), noting that the decision on the launch of ETH ETFs could take some time, but gave no specific dates.
“Ethereum has been trading on the Chicago Mercantile Exchange for more than three years and the staff has carefully reviewed this and the decision has been approved. Now the underlying exchange-traded products still have to go through a process to have disclosure on this matter and this it will take some time and they are working on it.
The SEC Approved Bitcoin (Bitcoin) ETFs in January, paving the way for billions of dollars inflows for the leading crypto asset by market capitalization.
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