Gensler slams crypto exchanges for unsavory practices, says spot Ethereum ETFs will ‘take some time’


SEC
Chair

Gary
Gensler
said
spot

Ethereum
ETFs
will
“take
some
time”
to
launch
despite
approving
the
associated
19-4b
filings
last
month.

Gensler
said
the
ETF
applications
are
going
through
the
normal
procedures,
which
could
take
some
time.
He
remained
vague
about
an
exact
timeline
for
the
launch.

The
SEC
chair
also
slammed
crypto
exchanges
for
unsavory
practices
and
said
the
market
remains
rife
with

fraud
and
manipulation.
He
added
that
the
SEC
remains
committed
to
ensuring
integrity
across
markets.

Gensler
made
the
statements
during
a
June
5

interview
on
CNBC
in
response
to
Jim
Cramer’s
questions
about
potential
exchange-traded
products
for
cryptocurrencies
beyond
Bitcoin
and
Ethereum.

Lack
of
proper
disclosure

Despite
the
positive
regulatory
advancements,
Gensler
expressed
concern
over
the
lack
of
proper
disclosure
and
regulation
in
the
broader
crypto
market.
He
said
that
most
cryptocurrencies
do
not
meet
the
“fundamental
disclosure
requirements”
expected
of
a
regulated
asset
class.

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According
to
the
SEC
chair:

“These
tokens,
whether
they’re
well-known
or
obscure,
have
not
provided
the
necessary
disclosures
required
by
law.”

The
SEC
chair
stressed
that
investors
are
not
receiving
the
information
needed
to
make
informed
decisions,
a
fundamental
principle
of
securities
markets.

Gensler
also
addressed
the
potential
risks
posed
by
crypto
exchanges,
drawing
a
stark
contrast
with
traditional
stock
exchanges
like
the
New
York
Stock
Exchange
(NYSE).

The
SEC
chair
also
criticized
crypto
exchanges
for
allegedly
engaging
in
activities
that
would
not
be
allowed
under
US
laws

such
as
trading
against
their
customers,
which
creates
significant
conflicts
of
interest.

He
said:

“Crypto
exchanges
are
engaging
in
practices
that
would
never
be
allowed
on
the
NYSE.
Our
laws
don’t
permit
exchanges
to
trade
against
their
customers,
yet
this
is
happening
in
the
crypto
space.”

Gensler
emphasized
the
importance
of
protecting
investors
from
fraud
and
manipulation,
citing
recent
high-profile
cases
such
as
the
collapses
of
FTX
and
Celsius
Network.
He
added
that
such
illicit
activity
continues
to
be
a
significant
part
of
the
crypto
market
and
is
a
key
area
of
focus
for
regulators.

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He mentioned
ongoing
enforcement
actions
and
reiterated
the
SEC’s
role
as
a
civil
law
enforcement
agency
committed
to
maintaining
market
integrity.

AI
and
fair
competition

Gensler’s
comments
also
touched
on
artificial
intelligence
(AI)
and
its
implications
for
the
financial
markets.
He
described
AI
as
the
most
transformative
technology
of
our
time
but
warned
of
the
risks
associated
with
its
use.

According
to
Gensler:

“AI
can
enhance
capital
markets
but
also
poses
risks
of
conflicts,
fraud,
and
systemic
issues
if
not
properly
managed.”

The
interview
also
covered
broader
market
topics,
including
the
balance
between
public
and
private
markets
and
the
need
for
fair
competition.

Gensler
highlighted
the
significance
of
public
markets
in
providing
transparent
and
accessible
investment
opportunities
while
also
acknowledging
the
growth
of
private
credit
markets.

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