.s_alderoty has compared cryptocurrencies to gold in an attempt to disprove SECGov’s argument
Alderoty claims that SEC keeps relegating its sister regulator, the Commodity Futures Trading Commission , to the “kids' table.” He adds that the regulator’s strategy is to attack various projects with its “regulation by enforcement” approach in order to expand its reach beyond the realm of securities.
In a recent tweet, attorney John Deaton, who attended a recent hearing in the SEC v. LBRY case, said that it was “scary” what the SEC argued. “The SEC attorney basically said something very dangerous,” hein a follow-up video. According to Deaton, the SEC attorney conceded that some people had acquired LBC tokens for consumption. Nonetheless, the agency rejected the utility argument. Its attorney argued that it didn’t matter what percentage of tokens was acquired for use instead of investment.
Deaton believes that the definition could even apply to Bitcoin despite the fact that SEC Chair Gary Gensler himself stated that the world’s largest cryptocurrency is a commodity.
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