Gary Gensler said that many securities offering platforms are trying to remain away from registration with the agency, to keep operations non-transparent.
Gary Gensler is the chairman of the United States Securities and Exchange Commission (SEC). Since 2021, he has been playing a vital role in enforcing crypto companies under traditional rules & laws. Crypto entrepreneurs hate Gensler because of his crypto-hater stances & forced regulation of this innovative sector.
Recently in an excited speech to Columbia Law School, Gary Gensler said that there are many crypto companies which are offering securities tokens but not registering with the body.
With the speech, Gensler asserted that he wants a better level transparency of in the crypto market via strict regulation & mandatory disclosure.
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The SEC chairman used a famous quote by Supreme Court Justice Louis Brandeis “Sunlight is said to be the best of disinfectants.”
According to Gensler, strict regulation of the crypto sector will bring multiple benefits and at this stage, many people will agree that the crypto sector markets could use a little disinfectant.
“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”
the SEC chairman said
This is not the first time Gensler called the crypto companies to get registered with the body, many times Gensler invited crypto companies to register with the SEC body.
It is worth it to note that the Coinbase crypto exchange’s executives many times criticised the SEC body for unclear rules & laws and also claimed that the SEC body only invited crypto companies to register but in reality, they have no rule book or structure to deal with the crypto sector.
In the present time, many crypto companies are in legal hurdles in the US jurisdiction, as the SEC body sued many companies for the offerings of unregistered crypto securities.
Read also: Beware of Solana meme tokens manipulated high trade volume: Scam Alert
SEC chairman says “Crypto markets could use a little disinfectant”
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