SEC Chairman: Many cryptocurrencies fall under SEC jurisdiction, and the industry generally ignores securities laws

ChainCatcher news, according to The Block, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler attended a hearing of the U.S. Senate Banking Committee on Tuesday morning. 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. In his prepared testimony released on Monday, he stated, "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, some of which have been settled, and some have been litigated."