US Securities and Exchange Commission (SEC) Chairman Gary Gensler has detailed why he considers all non-bitcoin crypto tokens to be securities. While he acknowledged that crypto tokens can have different configurations, he emphasized that “at their core, these tokens are securities.”
SEC Chairman Believes All Crypto Tokens Other Than Bitcoin Are Securities
US Securities and Exchange Commission (SEC) Chairman Gary Gensler explained why he believes all crypto tokens other than bitcoin are securities in an interview published Thursday by New York Magazine. intelligent.
Gensler believes that the securities watchdog has all the legal tools necessary to oversee the cryptocurrency sector, the post conveyed, adding that the SEC chief explained that almost all types of cryptocurrency transactions are already under the jurisdiction. from the SEC, except for spot transactions in bitcoin and the actual purchase or sale of goods or services with cryptocurrency.
The SEC chairman was quoted as saying:
Anything other than bitcoin… you can find a website, you can find a group of entrepreneurs, you can set up your legal entities in an offshore tax haven, you can have a foundation, you can bring a lawyer to try to arbitrate and get it done. . jurisdictionally hard, etc.
“At first, they could drop their tokens abroad and claim or pretend that it will be six months before they return to the US,” Gensler continued, without specifically naming any cryptocurrency. He emphasized:
But in essence, these tokens are securities because there is a pool in the middle, and the public anticipates gains based on that pool.
Following Gensler’s claim that all crypto tokens other than BTC are securities, several people took to social media to disagree with the head of the SEC. Attorney Jake Chervinsky tweeted:
Chairman Gensler may have prejudged that all digital assets aside from bitcoin are securities, but his opinion is not the law.
“The SEC lacks the authority to regulate any of them until it proves its case in court,” Chervinsky stressed, adding that this must be done “for each asset, each one, individually, one at a time.” Logan Bolinger, another lawyer, similarly said on Twitter: “In this country, judges, not SEC Chairmen, ultimately determine what the law means and how it is applied. It does not mean that your thoughts are irrelevant. They’re just not devices.”
What do you think about SEC Chairman Gary Gensler viewing all non-bitcoin crypto tokens as securities? Let us know in the comments section.
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