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Crypto lawyers flame Gensler over claims that all crypto are securities

Crypto lawyers weighed in on Gary Gensler’s crypto regulation claims, saying that the the Securities and Exchange Commission has no legal standing to police the space.

The digital currency strategist refutes the claims of those responsible for US regulators, the latter of which claimed in a recent interview that all digital currencies, with the exception of BTC (BTC), belong to securities in their jurisdiction.

In a general interview with New York Magazine magazine on Feb. 23, Gary Gensler, the current chairman of the Securities and Exchange Commission (commonly known as SEC), discussed encryption algorithms, claiming that everything except BTC falls within the agency's purview.

He added that other new data encryption projects "are securities, and because there is a group of people in the middle, the masses want to be based on the benefits of this group," he said. This is not the case with BTC.

But Jason Chervynskiy, a lawyer and current policy officer at the blockchain Association, an advocacy group for login passwords, made up lies in a tweet on Feb. 26th, although Gensler claimed to be in the field of login passwords. But his "advice is not a law or regulation."

He added that "unless the SEC confirms its territorial jurisdiction over each token in court", it "does not have the right to control any kind of token".

Mentor Logan Bollinger joined in, tweeting on Feb. 26 that Gensler's views on what are securities and what are not securities are not legally critical. This means that this is not the final determination of laws and regulations.

Mr Bollinger added: "the presiding judge-rather than the current chairman of the SEC-finally decided what the law meant and how it could be used."

Jason Brett, who is responsible for policy at the BTC Institute for current Policy, said Gensler's remarks "should not be celebrated, but must be afraid of fear," and said that "there are other ways to win besides controlling the river around the city."

SEC must sue 12305: Delphi Lab engineer

In addition, Gabriel Shapiro, general counsel of Delphi Laboratories (Delphi Labs), an investment management firm, outlined in a series of tweets the seemingly impossible inspections that SEC had been forced to carry out in order to consolidate its standards.

Shapiro said that according to Gensler's information, more than 12300 tokens worth about $663 billion are unregistered securities, which is illegal in the United States, and as Chervynskiy often said, the agency will be forced to sue every token creator.

According to Shapiro, SEC solves login passwords in two ways: either punish the creator of the OTP and require the publisher to apply for registration, or punish them and destroy the established OTP with a single order and delist the stock from the trading center.

"the SEC's application for registration is not only too expensive for most token creators-but there is no clear way to apply for registration," Shapiro said. "

"what's the plan here? Because it is not feasible to apply for registration, only everyone pays a hefty penalty, terminates the development of the agreement, destroys the bomb of all developers, and removes the [dynamic password] from the transaction process. This will represent 12305 prosecutions.

"what's the plan? Everyone will think that billions of dollars are in danger.

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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