Gary Gensler claims that "No crypto asset entity is registered as a national securities exchange". It might be because that this literally isn't possible, which is exactly what Coinbase says - The SEC website has issued a investor bulletin in late March which that quotes "In particular, no crypto asset entity is registered with the SEC as a national securities exchange". This statement by itself is very strange, considering the number of exchange in the US from Gemini to Kraken to Coinbase to Binance. You would think that at least one of these exchanges would have seen fit to obtain a broker dealer-license. And in fact, a Gemini affiliate has obtained a FINRA license and Coinbase says they also have a broker-dealer license.

Specifically in the case of Coinbase, the CEO says that their license remains dormant because the SEC does not provide them a pathway to activate it. In this way, they are prevented from dealing in securities, in particular staking as a service as claimed by the SEC. While just a claim by Coinbase, it is interesting that in response all Gensler retorts is that, "Crypto firms know exactly how to register, they just don’t want to". At least on the surface, it's shady that he simply makes a statement like that without outlining or pointing out the actual regulatory steps. It honestly sounds like what a 3rd grader would say back in an argument, at least IMO. What's even more questionable is just the mere fact that **no** exchanges are registered as securities exchanges. It's very hard to believe that no a single one would try to follow the rules, unless it is extremely difficult, vague or downright impossible. Worse yet is the fact that multiple(frankly virtually all) exchanges have repeated cited that the SEC gives very little to no feedback even from dozens of meetings and give effectively no assistance to firms trying to come under regulations.