The Chairman of the SEC and the Secretary of the U.S. Treasury have delivered speeches on the regulation of cryptocurrencies.

On April 4, 2022, SEC Chairman Gary Gensler addressed the annual meeting of the Pennsylvania Law Capital Markets Association on the topics of crypto trading and lending platforms, stablecoins, and tokens. He emphasized the need for the SEC to provide the same level of protection to investors in the crypto market as it does to those participating in platform trading and public fundraising transactions. Gensler stated that crypto platforms, "whether they claim to be centralized or decentralized (DeFi)," "may be trading securities," and urged his staff to encourage these platforms to register and be regulated like exchanges. He also considered whether and how the protections offered to other investors on exchanges that interact with retail investors should apply to crypto platforms, particularly in terms of custody issues, the handling of securities and non-securities transactions, and market-making functions. Gensler also expressed concerns about the use of stablecoins affecting financial stability and monetary policy, and reiterated his stance that "most crypto tokens are investment contracts under the Howey Test."

On April 7, 2022, U.S. Treasury Secretary Janet Yellen delivered a speech at American University on digital asset policy, innovation, and regulation. Yellen discussed the executive order signed by President Biden on March 9, 2022, which outlines a "whole-of-government" approach to examining the potential risks associated with the rapid growth of digital assets, including cryptocurrencies. According to Yellen, President Biden's executive order mandates a thorough analysis by federal government experts, aiming to balance the orderly development of digital assets with the risks they pose.

[1] https://www.sec.gov/news/speech/gensler-remarks-crypto-markets-040422
[2] https://home.treasury.gov/news/press-releases/jy0706
[3] https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/