Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC), has responded to Coinbase's petition for clear crypto regulation by stating that there are already sufficient laws in place. Gensler argued that the SEC has already published rules for custody assets, exchanges, broker dealers, advisors, and securities offerings. He also stated that most crypto assets, apart from Bitcoin, fall under the securities definition of an investment contract. Coinbase and other US crypto firms have criticized the SEC's lack of clear regulation and its "regulation by enforcement" approach to crypto.