Gensler reasserted his opinion that all crypto transactions aside from Bitcoin fall under securities laws. Lawyers tend to disagree.
Gary Gensler’s recent interview with New York Mag has ruffled feathers across the crypto industry again.that he considers all crypto assets and all transitions to be subject to U.S. securities laws, aside from spot trading for Bitcoin.
Although crypto assets have yet to be officially classified, Gensler said “everything other than Bitcoin” is a security. In his opinion, the people behind all crypto projects and networks are furtively trying to lure investors into buying the tokens. “There are people behind these cryptocurrencies using a variety of complex and legally opaque mechanisms, but at the most basic level, they are trying to promote their tokens and entice investors.”
Gary Gensler said in an interview with NYMAG: 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 cryptos, “everything other than bitcoin”.He argued that 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.
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