SEC Chairman Gary Gensler explains why he views all crypto tokens other than bitcoin as securities. cryptocurrency $BTC
U.S. Securities and Exchange Commission Chairman Gary Gensler has detailed why he considers all crypto tokens other than bitcoin as securities. While acknowledging that crypto tokens may have different setups, he stressed that “at the core, these tokens are securities.”The chairman of the U.S.
“They might drop their tokens overseas at first and contend or pretend that it’s going to take six months before they come back to the U.S.,” Gensler continued, without naming specific cryptocurrencies. He emphasized: But at the core, these tokens are securities because there’s a group in the middle and the public is anticipating profits based on that group.are securities, a number of people took to social media to disagree with the SEC chief. Lawyer Jake Chervinsky tweeted:
Chair Gensler may have prejudged that every digital asset aside from bitcoin is a security, but his opinion is not the law. “The SEC lacks authority to regulate any of them until and unless it proves its case in court,” Chervinsky emphasized, adding that this must be done “For each asset, every single one, individually, one at a time.” Logan Bolinger, another lawyer, similarly said on Twitter: “In this country, judges — not SEC chairs — ultimately determine what the law means and how it applies. Doesn’t mean his thoughts are irrelevant. They’re just not dispositive.
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