Ripple CEO Brad Garlinghouse has called on US lawmakers to address comments made by SEC chair Gary Gensler, who argued that rules for the crypto market already exist and that no new rules need to be written. Securities law has been a major point of contention for the crypto industry since Gensler said most digital assets fall under the securities definition. Garlinghouse argued that such decisions should be based on legislation, rather than Gensler's personal stance, and accused him of behaving like an autocrat. The SEC has continued to pursue a "regulation by enforcement" approach, cracking down on what it believes are unregistered securities.

(By Brenda Ngari)