SEC Chair Gary Gensler invoked a Supreme Court Justice to suggest that crypto companies in the U.S. were avoiding registration requirements.
Gary Gensler implied many market participants preferred to “whittle away at the SEC’s disclosure regime” rather than register, despite criticism that the requirements were unclear.his closing remarks to criticize crypto firms’ approach to regulatory oversight. The SEC chair spoke in favor of the benefits of mandatory disclosure for market participants, citing Supreme Court Justice Louis Brandeis, who said, “Sunlight is said to be the best of disinfectants.
“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 means no mandatory disclosure. Many would agree that the crypto markets could use a little disinfectant.”
Gensler’s remarks came as the SEC is pursuing several enforcement actions against major crypto firms, including Kraken, Binance, Ripple and Coinbase. Many crypto companies and advocacy groups have) as a security under the SEC’s regulatory purview. In the last two years, the commission has made inroads into approvals of crypto-tied exchange-traded products for U.S.
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