U.S. SEC Chairman Gary Gensler: The encryption market needs to be “disinfected”

SEC Chairman Gary Gensler gave a speech at the Columbia Law School conference, stating that the cryptocurrency market needs some "sanitization." Gensler emphasized that cryptocurrency exchanges need to register with regulators and that crypto companies are subject to the same rules as traditional financial companies. In particular, he mentioned in his speech that disclosure requirements in financial markets, such as information on climate and cyber risks, can improve market efficiency and ultimately protect investors. Gensler also mentioned that some participants in the crypto securities market seek 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.”