Crypto Industry Faces Regulatory Pushback from US Officials and SEC

SEC Chair Gary Gensler warned crypto firms to comply with existing laws or face lawsuits, defending recent enforcement actions against Binance and Coinbase. Gensler dismissed claims that companies are unable to comply under existing laws, stating that crypto companies have no excuse to not be operating within the rules. He also doubled-down on his long-time stance that crypto markets are ripe for manipulation and fraud. Gensler argued that issuers, broker-dealers, and exchanges should know exactly how to comply and that there is no need for further congressional action or "regulatory clarity."