SEC Chair Gary Gensler, known for his criticism of crypto, has filed lawsuits against Binance and Coinbase, potentially leading to a Supreme Court case and congressional action on crypto regulation. Legal experts have varying opinions on the outcome of the lawsuits, with some seeing Coinbase as better positioned due to its compliance efforts, while others question the SEC's regulatory approach. The lawsuits may encourage businesses to comply with regulations, but some crypto businesses are considering leaving the US for more welcoming jurisdictions. The SEC's actions highlight the need for comprehensive crypto legislation from Congress, as the agency's regulatory objectives remain unclear.

The future of crypto in the US may depend on Congress rather than the courts, as the SEC's lawsuits against Coinbase, Binance, Ripple, and others could lead to legislation establishing a regulatory market structure for crypto assets. While the SEC has not yet established coherent regulations for crypto assets, it is unlikely that laws or regulations will effectively ban crypto assets within the US. Regulators worldwide are developing legal frameworks for cryptocurrencies, recognizing their potential as a technology, but there are concerns about their actual use cases beyond money laundering and speculation. The SEC's recent actions against Coinbase and Binance have sent a message to other crypto exchanges, but the law surrounding crypto assets is still being litigated and is not yet settled.

The CEO of the Blockchain Association, Kristin Smith, believes that Congress must act urgently to ensure the US remains competitive in the global market. The SEC's lawsuits against crypto businesses may push Congress to recognize the need for comprehensive crypto legislation. The SEC's incremental building of legal theories through these lawsuits may have a long-term impact on the regulatory landscape for crypto assets. However, there are concerns about the motives of SEC Chair Gary Gensler, who has expressed skepticism about digital currencies. The public discourse regarding crypto should include a discussion of sensible legal frameworks for the asset class.