The United States financial regulators have stepped up pressure against cryptocurrency companies, with the Securities and Exchange Commission (SEC) charging Binance and Coinbase for selling unregistered securities and failing to register as brokers. Crypto defenders argue that regulations do not fit the likes of Bitcoin or Ethereum and cause uncertainty and confusion. Crypto companies have been caught between "a turf war" as they wish for clear regulation, but political gridlock has stalled any progress. The clampdown could lead to crypto-based companies having to move to more receptive jurisdictions. In March, the White House called cryptocurrencies "too risky" and not an effective alternative to fiat currency.