The SEC Chairman reiterated that many tokens are securities and that important information is not disclosed enough: It is earnings season, where are their statements?

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in an interview on CNBC’s Squawk Box yesterday that cryptocurrency is only a small part of the SEC’s regulatory scope, but it is the market with the highest proportion of scams, fraud and other problems. This area Most of the things in it do not meet the protection requirements of securities laws.

When asked by host Andrew Ross Sorkin about the recent SEC’s Wells Notice action against Robinhood, Gary Gensler said that in the field of crypto assets, many of these tokens are local laws according to the interpretation of the U.S. Supreme Court. securities under regulations, and the SEC's job is to comply with the law. Investors are not getting the required disclosures about these cryptocurrency assets.

“It’s earnings season, and everyone is asking about earnings and how many companies are outperforming or lagging earnings, etc. Where are these cryptocurrency disclosures and this quarter’s earnings data?”

After that, the host further asked Gary Gensler a question that he had been avoiding: "Is Ethereum a commodity or a security? Is there any opportunity to issue an ETF?"

However, Gary Gensler still did not respond directly to this question. He replied:

"I would say, for me, the fundamental question is, how do we ensure that U.S. investors are protected? Currently they are not getting the necessary disclosures. And intermediaries in this relatively centralized market often have conflicts of interest, And it's doing something that we would never allow the New York Stock Exchange to do. The New York Stock Exchange is not allowed to bet against investors."

Even if the host later pointed out that members of Congress criticized Gary Gensler for refusing to answer questions about the SEC's classification of Ethereum and whether an Ethereum ETF is possible, and tried to push Gary Gensler to give an answer, what he got in the end was still bureaucratic Reply, without directly answering the question.

This article SEC Chairman reiterates that many tokens are securities and that important information is not disclosed enough: It is earnings season, where are their statements? First appeared in Zombit.