SEC Chair Gary Gensler told lawmakers that major crypto trading platforms should register with the agency as exchanges or risk enforcement action, underscoring the regulator’s push to bring the industry under existing market rules.

The warning reflects a broader effort by the Securities and Exchange Commission to tighten oversight of digital asset trading venues that operate without formal registration. Gensler has argued that many of these platforms function like exchanges and should meet the same compliance standards.

The remarks signal that the agency is unlikely to ease pressure on unregistered crypto firms, even as the industry continues to seek clearer rules and broader acceptance in the U.S. financial system.

For investors and companies, the message is straightforward: platforms that want to serve U.S. customers may need to adapt to securities-law requirements or prepare for possible enforcement proceedings.