US Lawmakers Urged to Act on Crypto Regulation Amid SEC Crackdown Threats

JPMorgan has said that the SEC's lawsuits against Binance and Coinbase highlight the need for US lawmakers to create a comprehensive regulatory framework for the crypto industry. The SEC believes most cryptocurrencies should be classified as securities and fall under its supervision. However, it is unclear which cryptocurrencies would be classified as securities. JPMorgan said the SEC's actions have created uncertainty about other layer 1 tokens that are alleged to be securities, creating an advantage for bitcoin and ether.