The staffer says every U.S. crypto exchange—and the largest crypto exchange in the world, Binance—are in various stages of being investigated. There are more than 40 U.S. cryptocurrency exchanges, according to crypto data site, CoinGecko. The SEC has not responded to multiple requests for comment.

A senior executive at a large cryptocurrency exchange also said, on background, that based on chatter he’s hearing from members of the SEC, many U.S. cryptocurrency exchanges have likely received Wells Notices used to formally inform companies when an action is about to be brought against them, and that most are under investigation. Binance.US de-listed one of the assets listed by the SEC earlier this week.

The executive further says the SEC hasn’t historically asked about forks of bitcoin like litecoin, but based on recent comments to the House Appropriations Committee that bitcoin “may” be a commodity, that could change soon.