Major cryptocurrencies lost ground on Tuesday evening as global cryptocurrency market cap fell 2.43% to $ 1.56 trillion.

What happened: Bitcoin (CRYPTO: BTC) was trading 3.42% lower at $ 38,247.65 in the last 24 hours at press time. The largest cryptocurrency by market cap is down 2.29% this week.

ether (CRYPTO: ETH) was down 4.98% to $ 2,496.74 in 24 hours. The cryptocurrency gained 9.34% over a seven-day period.

See also: How to Buy Ethereum (ETH)

Shiba Inu themes Dogecoin (CRYPTO: DOGE) fell 3.44% to $ 0.20 and fell 2.55% over the course of the week.

DOGE traded flat against BTC, down 0.05% and up 1.73% against ETH over 24 hours.

Over 24 hours, Terra (CRYPTO: LUNA) saw the strongest gains of 15.84% to $ 14.52. Over a seven day period, LUNA rose 53.02%.

LUNA is up 19.20% and 21.32% respectively over BTC and ETH over 24 hours.

Other coins that rose within 24 hours including, forehead (CRYPTO: CELO), Voyager token (CRYPTO: VGX) and Cardano (CRYPTO: ADA).

CELO rose 10.61% to $ 2.93, VGX rose 3.2% to $ 2.91, and ADA traded 2.5% to $ 1.35 during the period.

Why it matters: On Tuesday, US Securities and Exchange Commission chairman Gary Gensler said at the Aspen Security Forum that he believed a large number of initial coin offerings and cryptocurrency tokens could violate US security laws, CoinDesk reported.

He said, “I believe we now have a crypto market where many tokens can be unregistered securities with no disclosure or market oversight required.”

Gensler has reportedly made the observation that a typical trading platform has more than 50 tokens, and while the legal status of each token may vary depending on facts and circumstances, “the likelihood that for 50 or 100 tokens a given platform will have zero securities is fairly unlikely . ”

See Also: Is Ethereum On Its Way To Break The $ 3,000 Mark?

Meanwhile, Karen Smith of the Blockchain Association said Tuesday that the SEC is unlikely to approve a BTC ETF anytime soon. Smith noted Gensler’s passion for consumer protection.

“I think Gary Gensler is very committed to consumer protection and would like more robust regulation of the underlying spot market for crypto.”

The US isn’t the only jurisdiction vociferously regulating cryptocurrencies. Last month, the Deputy Governor of the People’s Bank of China said, “Global stablecoins can pose risks and challenges to the international monetary system.”

Europe and West African countries are also considering regulatory measures.

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