SEC Chair Gary Gensler is set to testify before the House Financial Services Committee on the oversight of the SEC, and his prepared testimony shows that he will address several key agendas related to crypto, equity markets, private funds, AI, money market funds, treasury markets, and climate risk disclosure. He proposes to update rules and regulations as they haven’t been updated since 2005 and believes that the SEC’s best execution standard for brokers covers all sectors of the securities markets, including crypto-asset securities. Gensler reiterates that most crypto tokens are securities and crypto exchanges and other companies need to register with the SEC to protect investors against fraud and other misconduct in the crypto market. He claims that crypto companies can’t defy the securities laws by calling themselves a DeFi platform and that the SEC will continue regulation by enforcement to protect investors. (coingape)