As Securities and Exchange Commission (SEC) Chair Gary Gensler prepares to testify on Capitol Hill, written remarks submitted ahead of Tuesday’s hearing on SEC oversight suggest his tough views on crypto—however broadly condemned—haven’t wavered.

“Given this industry’s wide-ranging non-compliance with the securities laws, it’s not surprising that we’ve seen many problems,” he wrote. “It’s reminiscent of what we had in the 1920s before the federal securities laws were put in place.”

Though Gensler is set to speak on various topics before members of the Senate Banking Committee, his comments on crypto will be closely watched among those in an industry that advocates say is largely held back by regulatory uncertainty in the U.S.

At the same time, Gensler’s position on crypto has been pretty consistent and clear. Securities laws in the U.S. don’t need to be touched to accommodate crypto because “the vast majority of crypto tokens likely meet the investment contract test,” he suggested.

Gensler’s reference to investment contacts invokes the Howey Test, the agency’s four-pronged approach for assessing whether an offering is a security based on a Supreme Court ruling in 1934 that dealt with orange groves.

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Author: André Beganski

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