U.S. SEC Chairman: Crypto Markets Need to be "Sterilized"

In a speech at the Columbia Law School conference, SEC Chairman Gary Gensler said that the cryptocurrency market needs some "sanitization", emphasizing that cryptocurrency exchanges need to register with regulators and that cryptocurrency firms are subject to the same rules and regulations as traditional financial firms. Gensler emphasized that cryptocurrency exchanges need to register with regulators and that cryptocurrency companies are subject to the same rules as traditional financial companies. He highlighted the need for disclosure in financial markets, such as information on climate and cyber risks, which can improve market efficiency and ultimately protect investors. Gensler also mentioned that some participants in the crypto securities market try to avoid these registration requirements, resulting in a lack of necessary mandatory disclosures. No registration means no mandatory disclosure. Many would agree that the cryptocurrency market could use a little sanitizer.