Finance

Gary Gensler: Disclosure Does Not Absolve Crypto Exchanges from Liability

SEC Chairman Gary Gensler has issued a stern warning to crypto exchanges that fail to comply with the law, emphasizing that mere disclosure of risks does not shield platforms from accountability. In an interview with CNBC, he discussed the regulatory framework for trading platforms and the broader cryptocurrency market.

Gensler reiterated the SEC's readiness to enforce legal measures against cryptocurrency exchanges that violate regulations. He stressed that even exchanges that inform investors about potential risks are not immune to enforcement actions by the agency. SEC officials are fully empowered to take coercive actions against platforms that engage in market manipulation.

Moreover, Gensler highlighted that companies are not protected from lawsuits if they publish misleading information that induces traders to invest in their products. "Disclosure in no way justifies the actions of wrongdoers," he declared.

The SEC chairman also pointed out that most cryptocurrency companies do not disclose information, posing additional threats to consumers. He previously remarked that the crypto market needs a "disinfectant" and has criticized a legislative proposal defining crypto assets.

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