The U.S. Securities and Exchange Commission is preparing another round of enforcement actions against parts of the crypto industry, according to remarks from Chair Gary Gensler on Thursday. The move points to continued pressure on firms the agency says are operating without proper registration.

The planned actions are expected to focus on unregistered exchanges and token offerings, two areas that have drawn repeated scrutiny from regulators as the SEC argues many digital asset businesses are failing to meet securities rules. Gensler’s comments suggest the agency is not easing its stance despite pushback from the industry.

Crypto companies have long argued that the SEC’s approach is too broad and leaves little room for legal clarity. Still, the regulator has continued to pursue cases it says are aimed at enforcing existing law rather than creating new rules.

The latest warning signals that enforcement remains a central tool in the SEC’s oversight of digital assets, with more actions likely as the agency continues to test the boundaries of crypto compliance in the U.S.