In an interview with CNBC, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler downplayed the reasons for Ethereum’s approval and slammed the crypto industry for its lack of information disclosure.

Gary Gensler: Crypto Exchanges Inadequate Disclosure

Gary Gensler remains highly critical of cryptocurrency exchanges, pointing out that the SEC may continue to take enforcement actions against exchanges even if they disclose the risks of their products to retail investors.

He said:

Cryptocurrency exchanges that disclose information will not escape the fate of being prosecuted by regulatory agencies if they are involved in "market manipulation." These exchanges are not immune from prosecution if they publish "misleading" information that causes traders to put money into products they would not otherwise invest in. It does not mean that everything will be fine if the information is disclosed. This may not necessarily protect these perpetrators.

Gensler also emphasized that most cryptocurrency companies still do not disclose information at all, and exchanges have long operated in ways that would never be allowed on traditional financial market trading platforms.

It will take time for Ethereum ETF to be listed

In fact, Gary Gensler briefly discussed the issue of ETFs, or turned to criticize the proliferation of crypto fraud.

Regarding the approval of the Ethereum ETF, he said:

Ethereum futures have been trading on CME Group for more than three years, and SEC staff took a closer look at this and approved the 19b-4, while the S-1 form took some time and is still being worked on.

Bloomberg ETF analysts predict that the Ethereum spot ETF may be launched in early July.

(SEC requires Ethereum ETF issuers to submit S-1 amendments by Friday)

Criticize altcoin ETFs

Jim Cramer also mentioned that many altcoins have millions of dollars of daily trading volume, and should there be some kind of traditional financial product in the United States to capture these trading volumes?

Gary Gensler criticized this:

Without predicting any possibility, these tokens, whether Jim Cramer mentioned or others, do not disclose information necessary for investment decisions, and furthermore these exchanges are doing something we would never allow New York Stock Exchange to do What exchanges do.

In addition, Gensler also hinted that encryption executives including Do Kwon and SBF have been imprisoned one after another, which has repeatedly shown that the encryption field is an industry with a serious lack of information disclosure.

This article Gary Gensler: It will take time for the Ethereum ETF to be listed, and there is a serious lack of information disclosure in the encryption industry. First appeared on Chain News ABMedia.