SEC's Gensler Takes Aim at Binance and Coinbase in Crypto Lawsuits.

SEC Chair Gary Gensler defended the agency's lawsuits against Binance and Coinbase, saying the exchanges had "fair notice" before being sued. Gensler pointed to years of guidance provided by the SEC on what constitutes a crypto asset security and noted that existing SEC rules have been applied to platforms that trade crypto asset securities. He also reiterated that the vast majority of crypto tokens already meet the investment contract test. The SEC sued Binance for violating securities laws, mishandling customer funds, and misleading investors, while Coinbase was sued for acting as an exchange, a broker, and a clearing agency without registering with the agency.