During Gary Gensler’s tenure as Chair of the SEC, the regulatory body has consistently asserted that the majority of digital tokens are unregistered securities and fall under its jurisdiction. Gensler has openly expressed his disapproval of cryptocurrency exchanges and the digital asset sector, citing their failure to comply with securities regulations. Despite the SEC’s many legal actions, the classification of digital tokens as securities is still a contentious issue, as Congress has yet to pass definitive legislation on the matter.