Glossary
SEC
The US Securities and Exchange Commission — the regulator with primary jurisdiction over securities offerings, exchanges, and brokers, and the most aggressive crypto enforcer.
The SEC regulates US securities. Its application of decades-old securities law to crypto — primarily via the Howey test for "investment contracts" — has driven enforcement actions against many ICOs, exchanges (Coinbase, Kraken, Binance.US), and stablecoin issuers.
The agency's posture has swung with the political cycle: aggressive enforcement under Chair Gary Gensler (2021–2024), partial walk-back under his successor. Many of the legal questions — "is X a security?" — remain unresolved and continue to drive litigation.