In prepared remarks delivered at the Practising Law Institute’s “SEC Speaks” program on Sept. 8, Chair Gensler emphasized and reiterated his long-standing position that the vast majority of cryptocurrency tokens are securities, and he noted that “only a small number of tokens, even though they may represent a significant portion of the crypto market’s aggregate value” may qualify as “crypto non-security tokens.” Gensler’s remarks are in line with the position he has historically promoted and are consistent with increased crypto-related enforcement actions by the Commission.