The US Securities and Exchange Commission's (SEC) Investor Advisory Committee has urged the agency to continue its aggressive enforcement on crypto players that offer unregistered securities. The committee clarified that it believes "virtually all" crypto tokens to be financial securities, upholding the view maintained by SEC Chair Gary Gensler where he asserts all cryptocurrencies, except for Bitcoin, are securities. The advisory committee recommended that the SEC oppose legislation that would make special exemptions to securities regulations for crypto assets. In February, the SEC fined crypto exchange Kraken $30 million for providing crypto staking services, which the agency believes to be an unregistered provision of securities.

(By DANNY PARK)