We‘ve seen this story before

SEC Chair Gary Gensler argues that crypto tokens and intermediaries fall under existing U.S. securities laws, which have applied for 90 years, and that most crypto tokens meet the investment contract test from SEC v. W.J. Howey Co. He cites the 2017 DAO report, the 2019 staff framework, and more than 100 Commission orders and court decisions as guidance. He also says crypto exchanges such as Binance, Bittrex, Beaxy and Coinbase were charged with operating unregistered securities intermediation functions, and that lending and staking-as-a-service programs are classic securities.