Crypto companies made 'calculated' decision to flout rules, says SEC chair

FILE PHOTO: U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler testifies before a House Financial Services and General Government Subcommittee hearing on President Biden's budget request for the Securities and Exchange Commission, on Capitol Hill in Washington, U.S., March 29, 2023. REUTERS/Leah Millis/File Photo

(Reuters) -The chair of the U.S. Securities and Exchange Commission (SEC) on Thursday strongly rebutted criticism that the agency is trying to crush the crypto industry, and said many companies in the space had made a "calculated economic decision" to flout its rules.

Speaking at a Piper Sandler conference in New York, Gary Gensler also reiterated his view that the "vast majority" of crypto tokens meet the test for being a security and should be registered with the SEC. That means most crypto exchanges have to comply with the securities laws too, he added.