Securities and Exchange Commission Chair Gary Gensler held fast to his viewpoint that most of the cryptocurrencies and companies involved in crypto are required to follow federal securities regulations.
Gensler said these securities laws have “been on the books for decades,” according to prepared testimony, and plans to discuss this testimony before the House Financial Services Committee on Wednesday.
“Given this industry’s wide-ranging noncompliance with the securities laws, it’s not surprising that we’ve seen many problems in these markets,” Gensler said.
In his testimony, Gensler mentioned the rules the agency has been working on, including one from April. It stated that cryptocurrency platforms, including decentralized finance (DeFi) platforms, are part of the definition of an exchange by the government.
Also Read: Gary Gensler Discusses Crypto in the Oversight Senate Hearing
