Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), has said during a hearing in the US Congress that most cryptocurrencies fall under the SEC's jurisdiction and exchanges working with them must register with the regulator.
He has added:
"The crypto exchanges should come in and register. Or, frankly, we’re going to continue to bring, use what Congress has given us, in our enforcement and examination functions."
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Moreover, he has disagreed with the comment that the department has not created clear legal rules for the cryptocurrency sector. Gensler has said in this regard:
"I think the rules are actually quite clear that if you’re raising money from the public, and the public anticipates a profit based on the efforts of that sponsor, that’s a security."
The hearings have focused on the SEC's 2023 budget. Gensler has called for a budget increase arguing, among other things, the need to strengthen oversight of the digital asset sector.