US SEC Chairman: If a crypto exchange "manipulates the market", disclosing information will not protect it from lawsuits

Gary Gensler, the chairman of the US Securities and Exchange Commission, stated on Wednesday that if cryptocurrency exchanges "manipulate the market", disclosure of information cannot avoid being prosecuted by regulatory agencies. He said that if these companies disclose "misleading" information, causing traders to invest funds in products they would not have invested in otherwise, they cannot avoid litigation. Gensler said: "Disclosure does not necessarily protect bad actors, you cannot simply disclose and be done with it." Gensler also stated on Wednesday that most cryptocurrency companies still have not released disclosure information. He said that the operational mode of cryptocurrency exchanges has never been allowed in traditional financial markets.