The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has revealed that the regulator will use all available tools to bring crypto platforms into compliance with its rules. In addition, the SEC chief said: “Proof of reserves is neither a full accounting of the assets and liability of a company, nor does it satisfy segregation of customer funds under the securities laws.”

In an interview with Bloomberg Thursday, Gensler indicated that the SEC is just getting started with its crackdown on crypto firms that are not in compliance with its rules.

“The runway is getting shorter” for crypto firms to come in and register with the SEC, Gensler explained, emphasizing: “The casinos in this Wild West are non-compliant intermediaries.”