According to a public statement, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), will speak at the U.S. Senate Banking, Housing and Urban Affairs Committee on Tuesday. 

In his statement, Gensler emphasized that many major cryptocurrency exchanges need to be registered as securities exchanges. Gensler said: "Many platforms have dozens or hundreds of tokens on them. While each token’s legal status depends on its own facts and circumstances, the probability is quite remote that, with 50, 100, or 1,000 tokens, any given platform has zero securities. Make no mistake: To the extent that there are securities on these trading platforms, under our laws they have to register with the Commission unless they qualify for an exemption."

Gensler also commented that most areas of the cryptocurrency field are outside the regulatory framework that protects investors and consumers, prevents illegal activities, and ensures financial stability.

By Mary Liu