SEC's Gensler faces criticism from both sides over crypto crackdown and reforms.

SEC Chairman Gary Gensler defended the agency's crackdown on cryptocurrency trading platforms during a House Financial Services Committee hearing, stating that crypto trading platforms and exchanges should abide by strict U.S. securities laws. Republicans argued that the SEC's disclosure rules were designed for traditional markets and are ill-suited to decentralized digital currency exchanges. Gensler rejected the notion that crypto trading platforms don't know how to interpret U.S. securities laws. The prospect of legislation to regulate digital currencies has faded this year, but major crypto industry groups are planning to spend millions of dollars to lobby Congress and the Biden administration.