SEC Chair emphasizes again: Cryptocurrency industry generally fails to comply with securities laws, many tokens fall under SEC jurisdiction.

BlockBeats reported on September 12th that Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), will attend a hearing of the US Senate Banking Committee on Tuesday. He still believes that cryptocurrencies must comply with the same laws as other securities such as stocks, and many cryptocurrencies fall under the jurisdiction of the SEC. In his prepared testimony released on Monday, he said: "Given the industry's widespread non-compliance with securities laws, it is not surprising that we see so many problems in the markets. This is reminiscent of the situation before the implementation of federal securities laws in the 1920s. As a result, we have taken a series of enforcement actions to hold wrongdoers accountable and promote investor protection - some have reached settlements, and some have been sued." (The Block)