The Securities and Exchange Commission (SEC) Chair, Gary Gensler, spoke before the House Financial Services Committee, emphasizing the SEC’s role in regulating the cryptocurrency market. He argued that most crypto investment tokens should be classified as securities and highlighted the industry’s noncompliance with securities laws as the cause of recent turmoil. However, his testimony failed to mention significant legal setbacks, leading some to question its selectiveness. The article also advises readers to verify facts independently before making decisions based on the content.

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