U.S. Securities and Exchange Commission Chair Gary Gensler on Wednesday called the cryptocurrency industry “really rife with noncompliance” with SEC regulations designed to protect investors from inaccurate or fraudulent claims.

“We would never allow the New York Stock Exchange … or a hedge fund or broker-dealer to do the things that crypto intermediaries may be doing,” Gensler said at the 2023 Securities Enforcement Forum sponsored by Securities Docket. “So yes, we want to work with folks to get into compliance. But it also starts with whether that crypto intermediary or that crypto securities asset provider wants to come into compliance.”