SEC Chairman Explains Why He Views All Crypto Tokens Other Than Bitcoin as Securities

외신뉴스
2023-02-28 10:00 AM

SEC Chairman Explains Why He Views All Crypto Tokens Other Than Bitcoin as Securities


U.S. Securities and Exchange Commission (SEC) 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.” SEC Chair Believes All Crypto Tokens Other Than Bitcoin Are Securities


The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, explained why he believes all crypto tokens other than bitcoin are securities in an interview published Thursday by New York Magazine’s Intelligencer.


Gensler believes that the securities watchdog has all of the legal tools needed to oversee the crypto sector, the publication conveyed, adding that the SEC boss explained that pretty much every sort of crypto transaction already falls under the SEC’s jurisdiction except spot transactions in bitcoin itself and the actual purchase or sale of goods or services with cryptocurrencies.


The SEC chairman was quoted as saying: Everything other than bitcoin … you can find a website, you can find a group of entrepreneurs, they might set up their legal entities in a tax haven offshore, they might have a foundation, they might lawyer it up to try to arbitrage and make it hard jurisdictionally or so forth.


“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.


Following Gensler’s claim that all crypto tokens other than BTC 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.” Tags in this story cryptocurrency securities, everything other than bitcoin securities, Gary Gensler, SEC, SEC all crypto securities, SEC bitcoin security, SEC chairman crypto securities, SEC crypto securities, SEC not law, SEC rules not law


What do you think about SEC Chairman Gary Gensler viewing all crypto tokens other than bitcoin as securities? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. G20 Finance Chiefs Widely Recognize Crypto Poses Major Financial Stability Risks, Says Indian Central Bank Governor REGULATION | 5 hours ago Janet Yellen Says "Critical" to Establish Strong Crypto Regulation — "We Haven"t Suggested Outright Banning" REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCoinbase to Suspend Trading of BUSD Amid Regulatory Crackdown Next articleG20 Finance Chiefs Widely Recognize Crypto Poses Major Financial Stability Risks, Says Indian Central Bank Governor Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

외신뉴스
Crypto news


함께 보면 좋은 콘텐츠

All posts
Top