U.S. Securities and Exchange Commission Chairman Gary Gensler said Wednesday that federal securities agents may continue bringing enforcement actions against crypto exchanges, even if the platforms disclose their products’ risks to retail investors.

In a CNBC interview, Gensler said crypto exchanges with disclosures aren’t immune to being sued by regulators if they are “manipulating the market.” The companies are also not protected from lawsuits if they publicize “misleading” information that leads traders to pour money into products they otherwise wouldn’t invest in, he said.

“Disclosure doesn’t necessarily protect a bad actor,” Gensler said. “You can’t just simply disclose that away.”