Robinhood and Coinbase, two prominent cryptocurrency companies, testified before the U.S. House of Representatives, revealing their efforts to comply with the Securities and Exchange Commission (SEC) regulations. They claimed to have sought the SEC's guidance and assistance in registering properly but were denied. The companies emphasized their willingness to comply, but the SEC's lack of response or clear direction has frustrated their efforts. The SEC's Chair, Gary Gensler, has repeatedly called on crypto firms to come forward and register. The debate around SEC regulation of crypto exchanges is further complicated by recent approvals of digital-assets broker-dealers by the Financial Industry Regulatory Authority (FINRA). The lawyers' testimonies highlight the uncertainty and potential impact of the compliance dispute on the existence of the crypto industry in the United States. Ultimately, the matter will be decided in court, and the outcome will have significant implications for the industry's future.

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