SEC Chair Gary Gensler says Crypto Laws Already Exist

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On March 29th, the Chair of the U.S. Securities Exchange Commission, Gary Gensler, testified at a budget hearing for the House Appropriations Subcommittee on Financial Services and General Government. When asked if the SEC planned on issuing clarification regarding digital assets, he responded that “the regulations actually already exist, sir, they are called the securities regulation” The SEC Chief went on to state that the cryptocurrency industry is “rife with noncompliance” and that the SEC’s current approach of “regulation by enforcement” must continue.