U.S. Securities and Exchange Commission Chair Gary Gensler said crypto platforms that facilitate unregistered asset offerings remain exposed to enforcement action, underscoring the agency’s continuing crackdown on the sector.

In comments tied to the regulator’s recent cases against major exchanges, Gensler argued that listing or promoting products without proper registration can put firms on the wrong side of securities law. The SEC has maintained that many digital assets fall under its jurisdiction when they are offered to the public as investment products.

The warning comes as crypto companies continue to challenge the agency’s approach, saying the rules are unclear and that enforcement has often come before formal guidance. Market participants have also pushed for a clearer federal framework that distinguishes between commodities, securities, and other token types.

The dispute reflects a broader clash over how the United States should regulate digital assets: whether the SEC should keep relying on case-by-case enforcement, or whether Congress should set out a more defined system for exchanges and token issuers.