Republicans Pummel SEC's Gensler Over Crypto Crackdown

The chair of the agency overseeing the industry says that the industry is very noncompliant with laws.

WASHINGTON--Securities and Exchange Commission Chair Gary Gensler defended his agency's crackdown on cryptocurrency markets, saying that he had never seen an industry so routinely break securities laws.

In a five-hour session before the House Financial Services Committee on Tuesday, Mr. Gensler stated that he had been in the financial industry for over 40 years. "I have never seen a sector that has been so incompatible with the laws passed by Congress, and repeatedly confirmed by the courts.