The SEC has filed lawsuits against two major crypto exchanges, Binance and Coinbase, in an effort to bring investors and issuers in the crypto space into compliance. SEC Chair Gary Gensler addressed concerns about why the suits took so long to come to fruition and whether the SEC's actions will impact fintech innovation.

Gensler believes the industry's business model is "built on non-compliance with the U.S. securities laws" and that many are "commingling various functions that in traditional finance we don't allow." The lawsuits are seen as a pivotal event for the crypto ecosystem and could eventually lead to a more robust regulatory framework.