SEC Chief Gensler Defends Existing Crypto Rules Amid Congressional Testimony

SEC Chairman Gary Gensler testified at the House Appropriations Subcommittee on Financial Services and General Government and stated that rules for the cryptocurrency market already exist, but the industry is still "rife with noncompliance." He reiterated that most coins and tokens in the crypto space are securities, and the SEC has continued to pursue a "regulation by enforcement" approach when it comes to crypto. The SEC has targeted some of the most recognizable crypto brands this year, and Gensler insists that rules are already in place to protect consumers.