U.S. SEC Chairman: Many cryptocurrencies fall under the jurisdiction of the SEC, 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 still maintains that cryptocurrencies must comply with the same laws as other securities such as stocks, and many cryptocurrencies fall under the jurisdiction of the SEC. "Given the industry's widespread failure to comply with securities laws, it is not surprising that we are seeing many problems in the market," he said in prepared testimony released Monday. "This is reminiscent of what happened in the 1920s before federal securities laws were implemented. .As a result, we have taken a series of enforcement actions, some resulting in settlements and some resulting in litigation."