Markets
Gary Gensler Says Crypto Exchanges Are Doing What NYSE Would ‘Never Allowed To Do’
The chairman of the United States Securities and Exchange Commission (SEC) says crypto 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 said that cryptocurrency exchanges fail to provide investors with appropriate information required by law and could trade against consumers.
“At this time, without prejudice to anyone, these tokens have not provided you with the information you not only need to make your investment decisions, but also those required by law.
It’s a basic concept in our securities markets…and what President Roosevelt did was he created this commission to make sure that you, the investors, got information, and on crypto markets, they don’t give you that information.
And second, that exchanges, like the New York Stock Exchange, are properly regulated to protect against fraud and manipulation, and that they do not trade against you. And these crypto exchanges are doing things that we would never allow the New York Stock Exchange to do. Our laws do not allow you to trade with your customers.
Gensler also discussed the approval of the Ethereum spot (ETH) exchange-traded funds (ETFs), noting that the decision to launch ETH ETFs could take some time, but did not give specific dates.
“Ethereum has been trading on the Chicago Mercantile Exchange for over three years and the staff looked at this closely and it was approved. Now the underlying exchange traded products still have to go through a process to be disclosed on this and that will take some time and they are working on it.
The SEC approved Bitcoin (BTC) ETF in January, paving the way for billions of dollars inflows for the leading crypto asset by market cap.
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Featured image: Shutterstock/gg_tsukahara/INelson