Securities and Exchange Commission Chair Gary Gensler on Tuesday pressed his case for greater regulation of cryptocurrencies, arguing that the rapidly growing market lacks adequate investor protections and resembles the “Wild West.”

Gensler, speaking to a virtual audience at the Aspen Security Forum, framed his case in part in national security terms, asserting that cryptocurrencies are being used to skirt sanctions, anti-money laundering and tax laws. He warned that investors often don’t have adequate information about the risks associated with their investments.