According to Odaily Planet Daily, Coinbase CEO paulgrewal.eth posted on the X platform that Gary Gensler, chairman of the U.S. Securities and Exchange Commission, told the U.S. Congress today, May 22, that securities laws apply when crypto assets or crypto-related investment plans are offered or sold in the form of investment contracts. In addition, Gary Gensler told the U.S. Congress on May 6, 2021 that the U.S. Securities and Exchange Commission has no regulatory framework for exchanges that trade crypto assets.