During a speech at the Piper Sandler Global Exchange & Fintech Conference, SEC Chair Gary Gensler compared the current crypto market to the 1920s U.S. stock market, citing the prevalence of scams and fraud. Gensler argued that applying securities laws to the crypto market could help clean it up, just as Congress did for the stock market in the past.

He also emphasized that crypto asset securities are not exempt from securities laws, even if they have utility, and that crypto security exchanges must comply with these laws. Critics within the crypto industry have accused Gensler of having an overly expansive view of the SEC's regulatory authority and stifling innovation.