Fall is traditionally the open season for United States financial regulators. The thicket of news coming out of Capitol Hill, federal courts and various regulatory agencies can feel overwhelming around this time, especially for those of us residing outside of these venerable institutions’ purview. These legal disputes will undoubtedly have a significant impact on the crypto market, adoption, and overall the relationship between the state and the industry. However, this isn’t the only reason to be closely following U.S. developments.

Last week, Gary Gensler, the Chair of Security and Exchange Commission, appeared before the Senate Committee on Banking, Housing, and Urban Affairs. During the hearing, we didn’t get much clarity on how Gensler wants to handle stablecoins beyond his opinion that many of them “might well be securities.”