“Gensler declined to go into specific ETF filing, but repeated a broader concern of U.S. financial regulators that crypto exchanges tend to operate “a bunch of conflicted services,” a concern that the agency highlighted as part of its rationale for an enforcement action against Coinbase.
“What that means is they could be trading directly against you and market making against you which you would not see, or hope to see on the New York Stock Exchange or NASDAQ,” Gensler said.
Gensler also warned that crypto platforms have “limited risk monitoring” for wash trading, a form of market manipulation. The SEC has rejected tens of spot bitcoin ETF applications, dating back to before Gensler's tenure, due to concerns over lack of transparency and potential market manipulation in bitcoin trading. “
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