SEC Chair Gensler asserts existing crypto regulations in response to Coinbase pushback.

SEC Chair Gary Gensler has responded to Coinbase's petition for clear crypto regulation by stating that the rules for the sector already exist and that the industry has largely been non-compliant. Gensler argued that the SEC has already published rules for custody, exchanges, broker-dealers, and advisors, as well as how to register securities offerings. He also stated that most crypto assets, apart from Bitcoin, fall under the securities definition of an investment contract. Coinbase and other US crypto firms have criticized the SEC's lack of clear regulation and its enforcement-based approach to the industry.