According to The Block, the Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler stated in a letter to Senator Pat Toomey that the classification of cryptocurrencies as securities depends on specific facts and circumstances, whether any particular financial instrument including crypto assets is offered or sold as securities. 

In fact, Gensler believes that the SEC does not need to specify which crypto assets are securities and which are not, because existing laws and court cases have established a wide range of standards, such as the Howey and Reeves tests. In response to Gensler's reply, Toomey said: "Chairman Gensler’s failure to provide clear rules of the road for cryptocurrencies underscores the need for Congress to act."

By Mary Liu