Securities and Exchange Commission Chairman Gary Gensler said the regulator will be “very active” in bringing the digital currency market under its investor protection framework, as the Biden administration increases scrutiny of cryptocurrencies.

Gensler’s comments on 2 November at a conference hosted by the Securities Industry and Financial Markets Association came a day after a Treasury Department-led panel issued a report on stablecoins, which are cryptocurrencies pegged to assets such as the US dollar.