Summary: Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC) said at a Senate hearing on Tuesday that there are dozens of tokens that may be securities on the Coinbase platform, he added: "They have not registered with us."  Senator Warren talked about the collapse of the crypto market last week and criticized the ...

Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC) said at a Senate hearing on Tuesday that there are dozens of tokens that may be securities on the Coinbase platform, he added: "They have not registered with us." 

Senator Warren talked about the collapse of the crypto market last week and criticized the financial inclusion claims of cryptocurrencies. She said: "$400 billion market value disappeared within a few hours." 

Warren envisioned a scenario where a retail investor loses all his funds after investing on Monday night. If he needs to withdraw, the investor finds that the exchange (like Coinbase) is temporarily down.

For this hypothesis, Both Warren and Gensler believe that the investor has no recourse because there is no federal regulatory system for cryptocurrency exchanges. Senator Catherine Cortez Masto (D-Nev.) asked whether the SEC has sufficient capacity to regulate crypto. Gensler said that Congress can help coordinate supervision between bank regulators and stable currency supervision.

By Mary Liu