Securities and Exchange Commission Chair Gary Gensler said securities regulations apply to platforms that offer crypto tokens or other products that are priced off the value of securities and operate like derivatives.

Remarks: Speaking to the American Bar Association, Gensler said any virtual product that provides synthetic exposure to underlying securities is implicated by securities laws and must work within the nation’s securities regime.

Swaps: Gensler also said the SEC is developing rules on security-based swap execution facilities to fit with existing swaps rules established by the Commodity Futures Trading Commission.

More: ICBA offers a community bank primer on cryptocurrency and recent Main Street Matters posts on regulators’ crypto response and stablecoins.