Coinbase CLO: Gary Gensler informed the U.S. Congress that securities laws apply to crypto assets involving investment contracts

ChainCatcher news, according to Coinbase CLO paulgrewal.eth's post on the X platform, U.S. Securities and Exchange Commission Chairman Gary Gensler told the U.S. Congress today that when crypto assets or crypto-related investment schemes are offered or sold in the form of investment contracts, securities laws apply.

In addition, Gary Gensler told the U.S. Congress on May 6, 2021, that there is no regulatory framework from the U.S. Securities and Exchange Commission for exchanges trading crypto assets.