SEC Chairman Gary Gensler said investors lacked required cryptocurrency disclosures under several Wells notices.
Securities and Exchange Commission (SEC) Chairman Gary Gensler said investors are missing out on important cryptocurrency disclosures after the agency served notices to several cryptocurrency companies that it plans to take enforcement action.
Gensler was asked on CNBC’s Squawk Box Tuesday morning about the agency’s recent move to file a Wells notice against Robinhood Crypto, the cryptocurrency arm of brokerage firm Robinhood Markets. that much exchange On Monday, SEC officials said they had made their decision.o Recommend enforcement action against cryptocurrency units alleging securities violations.
Gensler said he could not speak to either company.
“Taking a step back and not biasing anyone in the crypto asset space, many of these tokens are securities under the law of the land as interpreted by the U.S. Supreme Court,” Gensler told CNBC. “So we follow that law, and you, the investor, are not getting the disclosures that are required or needed for those assets.”
Robinhood’s Wells notice is one of a handful of notices filed against the cryptocurrency company over the past month. ConsensisIt is a cryptocurrency company and decentralized cryptocurrency exchange that supports MetaMask Wallet. Uniswap They said they also received a Wells notice from the SEC last month. The SEC is also engaged in a legal battle with cryptocurrency exchanges Binance and Coinbase.
then… Is Ether a security or a commodity?
Gensler did not directly address how ether would be classified when asked by CNBC whether ether could be a security or a commodity.
“What I would say is the fundamental question is how do we make sure American investors are protected?” Gensler said. “Currently, they are not receiving the required or required disclosures, and the intermediaries at the center of these centralized markets are generally conflicted and doing things that the New York Stock Exchange would never allow.”
While the SEC has not explicitly stated whether Ethereum is a security, the Commodity Futures Trading Commission Chairman Lostin Benam It was revealed that it was a product. A number of issuers are also competing for spot Ether ETFs, but the results have been satisfactory. delay Over the past few weeks, optimism that it could be approved by the late May deadline has since diminished.
Gensler told CNBC the matter is before the committee.
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