Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), speaks during a Senate Banking Committee hearing in Washington, D.C., U.S., on Tuesday, July 30, 2013.

Andrew Harrer | Bloomberg | Getty Images

The head of the SEC says crypto assets need a lot more regulation before they can move forward.

“This asset class is rife with fraud, scams, and abuse in certain applications,” SEC Chairman Gary Gensler said at the Aspen Security Forum on Tuesday.

“We need additional congressional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.”

Gensler addressed several aspects of the crypto business in his speech.

Digital tokens: Gensler said many digital tokens, because they are investment contracts, are offered and sold as securities and should be regulated as such. “I believe we have a crypto market now where many tokens may be unregistered securities, without required disclosures or market oversight,”…

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