U.S. SEC Chairman: The cryptocurrency industry generally does not comply with securities laws, and many tokens fall under the SEC's jurisdiction

ChainCatcher news, according to The Block, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), will attend a hearing of the U.S. Senate Banking Committee on Tuesday. He continues to assert that cryptocurrencies must adhere to the same laws as other securities like stocks, and that many cryptocurrencies fall under the SEC's jurisdiction.

He released a prepared testimony on Monday: "Given the industry's widespread non-compliance with securities laws, it is not surprising that we see many issues in the market. This is reminiscent of the situation before the implementation of the federal securities laws in the 1920s. Therefore, we have taken a series of enforcement actions to hold wrongdoers accountable and promote investor protection—some have been settled, and some have been litigated."