According to media reports, Gensler, chairman of the Securities and Exchange Commission (SEC), said that cryptocurrency platforms that promise returns to investors should not think they can evade the regulation of SEC. Without security, he warned, many people would suffer. SEC's position is based on the "Howie Test", which means that if someone invests in a common cause and only expects to profit from the efforts of a third party, then the investment contract is subject to federal securities law.