(Bloomberg) — Outgoing Securities and Exchange Commission Chairman Gary Gensler believes more needs to be done to regulate altcoins and intermediaries in the digital asset market.
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Everyday investors are still not receiving adequate disclosures or information from digital asset companies, Gensler said Wednesday in an interview on Bloomberg Television.
The former Goldman Sachs executive’s tenure as Wall Street’s top cop was marked by vigorous enforcement efforts against many cryptocurrency players, from outright fraudsters to companies like Coinbase Global Inc. and the proprietary trading company DRW Holdings.
Gensler announced in November his intention to step down as chairman of the agency on Jan. 20, when President-elect Donald Trump is sworn in. Trump named Paul Atkins, former SEC commissioner, to head the agency. It is expected to significantly reduce enforcement measures against digital asset companies and take a favorable view of the digital asset sector.
Gensler noted that his predecessor, Jay Clayton, who led the agency during the first Trump administration, brought about 80 crypto-related enforcement cases, while the agency brought about 100 during his tenure. But while the SEC, under Clayton, cracked down on companies that issued tokens that the agency considered securities, Gensler often focused on market intermediaries that flouted compliance with securities laws. registration and disclosure.
The SEC has recorded several court victories, as well as losses, due to its stance that companies avoid registration and disclosure requirements under Gensler’s leadership.
“I’ve never seen a field that’s so much about sentiment as it is about fundamentals,” Gensler said, adding that he believes many of these crypto projects will not survive.
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