Gensler Slams Crypto Exchanges Over Lack of Transparency

SEC Chair Gary Gensler has expressed concerns about the operations of cryptocurrency exchanges, stating that they engage in practices that would be unacceptable on regulated exchanges like the New York Stock Exchange (NYSE). In an interview with CNBS, he emphasized that crypto exchanges lack transparency and fail to provide investors with necessary disclosures. This lack of transparency is a significant issue, according to Gensler.

Gensler also pointed out a potential conflict of interest: crypto platforms may be trading against their customers, which would be unacceptable on regulated exchanges. He believes that crypto exchanges should adhere to the same standards as traditional financial markets and emphasizes the need for regulatory oversight.