Securities and Exchange Commission (SEC) chairman Gary Gensler warned, at least 75 actions have been taken against firms and individuals in the crypto sector, while many more have failed to comply with the law.
The matter was revealed in a hearing held by the House Committee on Appropriations yesterday.
Gensler also stressed that asset managers who invest in unregistered securities will be under SEC oversight.
As a result, Gensler intends to work with Congress to create protections for crypto investors similar to the protections set out on the New York Stock Exchange (NYSE) and Nasdaq to this platform.
The figure believes with stricter laws, the fate of investors will be more secure from crimes of fraud and manipulation, especially when there are crypto investment exchanges still not registered with the SEC despite marketing legitimate tokens as securities.
Since taking office as chairman of the SEC, Gensler has repeatedly highlighted the issue in hopes of expediting it. Most recently, under his administration, the Safe Harbor 2.0 proposal was introduced, focusing on a 3 -year period for tokens to be registered as securities.
At the time of writing, the crypto market is not performing well. Bitcoin (BTC) traded at $ 37,627, down over 4% in 24 hours and Ethereum (ETH) posted a value of $ 2,671 with a decline rate of over 5%.
