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

Odaily News U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler will appear before the U.S. Senate Banking Committee on Tuesday. He still maintains that cryptocurrencies must comply with the same laws as other securities such as stocks, many of which fall under the jurisdiction of the SEC. Given the industrys widespread lack of compliance with securities laws, its not surprising that we are seeing many problems in the market, he said in prepared testimony released Monday. This is reminiscent of the situation in the 1920s before the federal securities laws were implemented. So, We have taken a range of enforcement actions to hold offenders accountable and promote investor protection – some resulting in settlements and others leading to litigation.” (The Block)