Crypto regulation taunts US lawmakers and heavyweights.

SEC Chair Gary Gensler has filed major lawsuits against Binance and Coinbase, the world's largest digital currency exchange and the largest US-based exchange, respectively, in an escalation of a crackdown on companies that he says are flaunting investment rules and putting consumers at risk. This comes as House Republicans planned to hold a hearing to bolster proposed legislation that would overhaul crypto rules by reining in the SEC and shifting greater responsibility to the much smaller Commodity Futures Trading Commission. The dueling moves by the crypto industry's biggest Washington foe and its most powerful allies underscore the government's extreme divide over how to police the market for digital tokens.