In the past, the SEC has said that Bitcoin and Ethereum, the top two cryptocurrencies by market cap, were not securities. In September 2022, SEC Chair Gary Gensler stated he believes cryptocurrencies are securities and has asked SEC staff to begin working with crypto developers to register their crypto. However, he also clarified that he did not speak on behalf of the SEC; he was only speaking for himself. He encouraged those starting in the crypto space to register their crypto in the spirit of getting ahead because "It's far less costly to do so from the outset."