Gary Gensler, chairperson of the Securities Exchange Commission, said on Wednesday that disclosures could not avoid prosecution by regulators if cryptocurrency exchanges "manipulated the market". He said the companies were also not immune from lawsuits if they published "misleading" information that led traders to put money into products they would not otherwise have invested in. "Disclosure doesn't necessarily protect the bad guys," Mr. Gensler said. "You can't just disclose and you're done." Gensler also said Wednesday that most cryptocurrency companies are still not releasing disclosures at all. He said that cryptocurrency exchanges have long operated in a way that traditional financial marekts would never be allowed.