“I’m with Roosevelt and Jack: Benefits of Mandatory Disclosure” Prepared Remarks before Columbia Law School Conference in Honor of John C. Coffee, Jr.

A few months shy of the SEC’s 90th birthday and 40 years since Jack’s paper, there still are those who would like to whittle away at the SEC’s disclosure regime.

To those who seek to reduce information available to investors, I stand with Roosevelt and Jack. The 1920s didn’t have federal disclosure requirements. The markets were rife with fraud, manipulation, and abuse. What happened? Investors got hurt. They lost confidence in the integrity of the capital markets. And the market imploded.

Some voices today are calling for further expanding the exemptions to our core 1933 and 1934 Act rules requiring registration of public offerings and ongoing disclosures.

There are participants in crypto securities markets that seek to avoid these registration requirements. No registration means no mandatory disclosure. Many would agree that the crypto markets could use a little disinfectant.

Source: “I’m with Roosevelt and Jack: Benefits of Mandatory Disclosure” Prepared Remarks before Columbia Law School Conference in Honor of John C. Coffee, Jr.