Most cryptocurrencies fall under jurisdiction SEC and exchanges working with them must register with the agent. This view was voiced by organizer Gary Gensler at a hearing in the US Congress.

“Crypto exchanges must come and register. Or, frankly, we’re considering using the powers that Congress has given us as an executive and control function,” he said.

Gensler disagreed with the comment that the department did not establish clear legal norms for the crypto industry.

“I think the rules are actually pretty clear: If you’re raising money from the public and they expect profits from the efforts of those they sponsor, then there should be guarantees,” the SEC chairman said.

At the same time, Gensler acknowledged that bitcoin, like some other cryptocurrencies, can be regulated “commodity tokens.” CFTC.

The hearings focused on the SEC’s budget for next year. Gensler has requested an increase in funding, arguing among other things the need to strengthen oversight of the digital asset industry.

“I wish we had more opportunities to dedicate ourselves to it,” the official said.

As an example of investor protection demand in the industry, he cited an anonymous crypto project whose “value has dropped from $50 billion to zero in just the past three weeks.” Presumably, Gensler was talking about Terra’s downfall.

Gensler told members of Congress that his 1,300-person department now has more than 50 employees dealing with cryptocurrencies, following the unit’s recent expansion to 20 positions.

Shortly before the hearing, speaking at the annual conference of financial regulators in Washington, the head of the SEC said that much needs to be done in collaboration with the CFTC to improve the protection of crypto investors.

Addressing attendees of the Chainalysis Links conference, CFTC chairman Rostin Behnam said the agency will direct additional resources and efforts to address cases of fraud and manipulation of digital assets. The regulator is facing an increasing number of such lawsuits, according to The Wall Street Journal.

Recall that in January, Gensler identified cryptocurrency exchanges as the main direction within the framework of tight control over the industry.

In April, he called for greater control over trading platforms and stablecoin issuers.