Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said Wednesday that cryptocurrency exchanges can’t avoid being sued by regulators if they “manipulate the market.” He said the companies are also not immune from lawsuits if they publish “misleading” information that causes traders to put money into products they otherwise wouldn’t invest in. “Disclosure doesn’t necessarily protect bad actors, you can’t just disclose and call it a day,” Gensler said. Gensler also said Wednesday that most cryptocurrency companies still don’t publish disclosures at all. He said cryptocurrency exchanges have long operated in a way that trading platforms in traditional financial markets would never be allowed to.