U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler got further reinforcement for his quest to force crypto firms to conform with existing securities laws when his agency’s Investor Advisory Committee backed him up on almost every aspect of his campaign except one: The committee requested that the SEC actually provide formal industry guidance.

The committee – a group of people from traditional finance, academia and consumer advocacy groups – sent Gensler a letter dated last week that included a sliver of agreement with the years of requests from cryptocurrency businesses that the SEC give them some official word on how to meet the regulator’s expectations.

Gensler has repeatedly stated that there’s no need to treat crypto firms any differently than other financial businesses, and longstanding securities laws are ample for regulating the fledgling industry. He’s revealed no outward interest in issuing guidance or working on tailored rules for digital assets.

(by Nikhilesh De)