SEC Chairman Gensler: The encryption market needs to be strengthened, and it will still take time to launch an Ethereum ETF

On June 5, U.S. Securities and Exchange Commission (SEC) Chairman Gary In an interview with CNBC, Gensler responded to Jim Cramer’s question about potential exchange products beyond Bitcoin and Ethereum.

Gensler said that the launch of the spot Ethereum ETF will “take some time” despite the relevant 19-4b filing being approved last month. He noted that ETF applications are going through the normal process, which may take some time, but he remained vague on a specific rollout timeline.

At the same time, the SEC chairman also criticized the bad behavior of crypto exchanges and said that the market is still rife with fraud and manipulation. He added that the SEC remains committed to ensuring market integrity.

无无Basic Disclosure Information

In the interview, Gensler expressed concern about the lack of proper disclosure and regulation in the broader crypto market. He believes that most cryptocurrencies do not meet the “basic disclosure requirements” expected of regulated asset classes.

Gensler highlighted that investors were not receiving the information they needed to make informed investment decisions, which is one of the fundamental principles of the stock exchange market.

Gensler also talked about the potential risks that crypto exchanges can pose, drawing a sharp contrast to traditional stock exchanges such as the New York Stock Exchange (NYSE). He criticized crypto exchanges for allegedly engaging in activities that are not allowed under U.S. law, such as betting against customers, which creates a significant conflict of interest.

He noted: “Crypto exchanges are engaging in practices that would never be allowed on the New York Stock Exchange. Our laws do not allow exchanges to bet against their customers, yet this is happening in the crypto space.”

Gensler highlighted the importance of ensuring investors are protected from fraud and market manipulation. He cited several recent high-profile events, including the collapse of FTX and Celsius Network, as examples of the prevalence of illegal activity in the crypto market. He further pointed out that these illegal activities remain a core issue in the cryptocurrency market and are the focus of regulatory agencies.

At the same time, Gensler also mentioned the SEC’s ongoing enforcement activities and reaffirmed the SEC’s responsibility as a civil enforcement agency to maintain market integrity.

The impact of artificial intelligence on financial markets

In his commentary, Gensler also discussed artificial intelligence (AI) and the impact this technology could have on financial markets. He believes that AI is the most innovative force in contemporary times, but also warned of the risks that its application may bring.

"Artificial intelligence can enhance capital markets, but if not managed properly it can also lead to conflict, fraud and systemic problems," Gensler said.

The interviews also touched on broader market topics, including the balance between public and private markets and the need for fair competition.

Gensler concluded the discussion by highlighting the critical role that public markets play in ensuring transparency and accessibility of investment opportunities, while also noting the current development and growth of private credit markets.

Conclusion:

In an interview with CNBC, Chairman Gensler’s comments highlighted the seriousness and future direction of the SEC’s regulation of the cryptocurrency market. His emphasis on crypto exchange misconduct, the importance of investor protection, and the double-edged sword nature of artificial intelligence technology in the financial sector all point to a common goal: ensuring market fairness and transparency.

It is believed that with the development of emerging technologies such as cryptocurrency and AI, the role of the SEC has become particularly critical. It must not only protect the interests of investors, but also balance innovation and risk.

At the same time, Gensler’s remarks reminded all market participants that compliance, transparency and fair competition are indispensable elements of a healthy market, and the SEC will continue to play its role in upholding these principles.

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