Crypto lawyers flame Gensler over claims that all crypto are securities

Feb 26. 2023

By Jesse Coghlan

Crypto lawyers weighed in on Gary Gensler’s crypto regulation claims saying the SEC has no legal standing to police the space.

Cryptocurrency lawyers have rebuffed comments made by the head of the United States securities regulator, claiming in a recent interview that every cryptocurrency except Bitcoin (BTC $23,471) is a security that falls under its jurisdiction.

In a wide-ranging Feb. 23 New York Magazine interview discussing crypto, the chair of the Securities and Exchange Commission (SEC), Gary Gensler, claimed “everything other than Bitcoin” falls under the agency’s remit.

He added other crypto projects “are securities because there’s a group in the middle and the public is anticipating profits based on that group” which he said is not the case with Bitcoin.

Jake Chervinsky, a lawyer and policy lead at Blockchain Association, a crypto advocacy group, however argued in a Feb. 26 tweet that Gensler’s “opinion is not the law” despite his claimed command over the crypto sector.

To read the entire article...Click Here!