Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), said that the SEC has the basic disclosure and governance requirements in place to hold digital assets firms accountable. The SEC chief also didn’t directly address questions about whether his agency would push out tailored crypto rules next year, but he insisted that it doesn’t need any.

“The rules are there,” he said. “The law firms know how to advise their clients to comply.”

Gensler underlined that crypto firms can’t touch U.S. investors if they’re going to insist on running themselves as Swiss Army knives that do it all. “Your field will not last long outside of public policy norms,” he said. “Some of these platforms have come in and said, ‘We want to continue running a co-mingled platform. We want to continue doing lending, trading, hedge fund functions, an exchange function, a custody function.’ We said, ‘No, you have to separate it out.’”