Despite recent court losses, SEC Chair Gary Gensler remains firm in his belief that his agency should regulate crypto assets and plans to express this view to lawmakers on Sept. 12. Gensler will argue that crypto assets are securities and should be subject to SEC regulation due to widespread noncompliance with securities laws.

He also asserts that most crypto tokens meet the Howey Test and therefore fall under the jurisdiction of the SEC. The SEC recently lost cases against Grayscale and Ripple, but Gensler's prepared testimony shows that he remains committed to regulating the crypto industry.