U.S. Securities and Exchange Commission chair Gary Gensler told a virtual press conference that he hopes cryptocurrency-trading platforms will come more directly under the purview of securities regulators in the coming months. (Bloomberg)

Talking point: The approach Gensler is describing sounds a lot like Canada’s. Canada is more than nine months into a crackdown on cryptocurrency-trading platforms and now has six businesses registered with securities regulators. Most large foreign platforms have placed restrictions on Canadian users, while Binance and Coinbase are making efforts to comply and stay in the market. Canada has been a leader in this regard—in most countries, including the U.S., there’s little clarity around how crypto-trading platforms should be regulated. Gensler’s remarks suggest that may be about to change. Meanwhile, Russia’s central bank is proposing an outright ban on cryptocurrencies.