SEC's Gensler Takes Action Against Binance and Coinbase, Crypto Industry Faces Uncertainty.

SEC Chair Gary Gensler defended the agency's recent enforcement actions against Coinbase and Binance, stating that there's nothing special about the assets or exchanges in the crypto sector, and their backers can't hide behind claims that their tokens provide utility. He argued that tokens built for exclusive use in their blockchain ecosystems can be exempted from accusations of being unregistered securities. Gensler also pushed back on industry claims that it's impossible for crypto platforms to register with the SEC, stating that it takes work and compliance with securities laws.