SEC's Gary Gensler Vows to Crack Down on Crypto in Senate Hearing

SEC Chair Gary Gensler plans to assert his agency's authority over cryptocurrencies during a Senate Banking Committee hearing, despite recent court losses against Grayscale and Ripple. Gensler argues that most crypto assets meet the Howey test and should be regulated as securities. The SEC's legal defeats have emboldened other crypto companies facing lawsuits to reference these cases in their defense. LBRY, a blockchain-based payments network, has filed an appeal against the SEC's ruling that found it guilty of violating securities laws.