Not everyone in the crypto community views the recent SEC lawsuits against Binance and Coinbase as arbitrary or unfair. Joshua Klayman, the US head of fintech and blockchain at law firm Linklaters, believes that the lawsuits are a natural result of SEC chair Gary Gensler's long-held views on cryptocurrencies as securities.

Klayman sees the lawsuits as a clear message from the SEC that the crypto industry needs to change its practices. The lawsuits coincide with the US Congress discussing a draft bill on digital asset market structure and investor protection, and Klayman believes the SEC wants to be seen as taking action.

While the lawsuits may prompt Congress to act, reaching a consensus on regulation may be difficult due to polarization on the issue.