Hideo Nakamura The SEC chairman has detailed why he believes all crypto tokens other than Bitcoin are securities. He stressed that these tokens are based on the nature of the tokens and their setup, even if they have different setups. This is a huge development, as it could potentially affect a large number of cryptos. It will be interesting to see how the SEC proceeds with this case.
SEC Chair Believes All Crypto Tokens Other Than Bitcoin Are Securities
The chairman of the U.S. Securities and Exchange Commission (SEC) believes that all crypto tokens other than bitcoin are securities, based on the fact that there is a group in the middle and the public is anticipating profits based on that group.
Gensler’s opinion is not the law, as Jake Chervinsky, Logan Bolinger and other lawyers have argued. However, this does not mean that Gensler’s thoughts are irrelevant. They are just not dispositive.
According to Gensler, the SEC chair’s opinion is based on several factors- including how the group in the middle operates, how the tokens are marketed and how the public perceives them. Ultimately, Gensler believes that these factors show that all crypto tokens other than bitcoin are securities.
Even though the SEC lacks authority to regulate any of these tokens until and unless they prove their case in court, this does not mean that Gensler’s thoughts are irrelevant. They are just not dispositive.
Even though the SEC lacks authority to regulate any of these tokens until and unless they prove their case in court, this does not mean that Gensler’s thoughts are irrelevant. In fact, Gensler’s opinion could be very influential if it gains more traction among regulators and lawmakers.
Lawyer Jake Chervinsky disputed Gensler’s view, saying that the SEC chair’s opinion is not the law.
Lawyer Jake Chervinsky disputed Gensler’s view, saying that the SEC chair’s opinion is not the law. Chervinsky believes that the SEC chair’s opinion is based on flawed reasoning. He claims that all tokens sold in ICOs should be treated equally, regardless of their classification.
Another lawyer, Logan Bolinger, similarly said that the SEC chair’s thoughts are not dispositive.
Another lawyer, Logan Bolinger, similarly said that the SEC chair’s thoughts are not dispositive. Bolinger says that while the SEC chair has voiced his opinion on this topic, it is still up for debate. He believes that more research needs to be done before any judgement can be made on whether or not crypto tokens other than bitcoin are securities.
The SEC Chairman believes all crypto tokens other than Bitcoin are securities. This is based on their legal definition, and the fact that they are traded like securities. He believes this is a big problem, and people should be careful before investing too much in these tokens.
