U.S. SEC Chairman: Securities laws cover most activities in the crypto market, no additional legislation needed

ChainCatcher news, after the House Appropriations Committee hearing on Wednesday, SEC Chairman Gary Gensler stated in an interview with reporters that existing securities laws "cover most of the activities happening in the crypto market," and that additional legislation for cryptocurrencies is not necessary. However, it is important that if Congress takes action, lawmakers do not undermine existing laws.

Gary Gensler stated, "Only the SEC and the courts can define what a security is, not individual crypto exchanges," and reiterated that most cryptocurrencies are securities. Overseas entities selling cryptocurrencies to U.S. investors must comply with securities laws.

Additionally, he declined to answer whether the SEC plans to sue Binance, while noting that the agency has taken action against other exchanges. (The Block)