SEC Chairman Gary Gensler doubled down on his opposition to crypto in written testimony scheduled to be submitted to the Senate Banking Committee on Tuesday local time. “Given the widespread non-compliance with securities laws in this industry, it is not surprising that we are seeing many problems in these markets,” he said.
According to his testimony, the vast majority of crypto tokens likely meet the investment contract test. The testimony also stated: “Given that most crypto tokens are subject to securities laws, most crypto intermediaries must also comply with securities laws.”
