SEC Chair Reasserts Every Crypto is a Security Aside From Bitcoin -Lawyers Disagree
SEC chair Gensler is firing the crypto community up once again with his opinion – mark that – that all crypto transactions other than Bitcoin fall under securities laws
SEC Chair Reasserts Every Crypto is a Security Aside From Bitcoin, Lawyers Disagree
“Lawyer and chief policy officer at the Blockchain Association, Jake Chervinsky, argued that Gensler’s words or opinion are not the law. On Feb. 26, he said:
‘The SEC lacks authority to regulate any of them until and unless it proves its case in court. For each asset, every single one, individually, one at a time.’
The notion has been echoed by SEC Commissioner Hester Pierce, who has urged Congress to accelerate the rollout of legislation and official classification of crypto assets. Until then, regulators such as the SEC will take things into their own hands with these enforcement actions, as they have been doing with gusto this year.
‘Using enforcement actions to tell people what the law is in an emerging industry is not an efficient or fair way of regulating,’ she said earlier this month in response to the SEC’s Kraken crackdown.
Until there is a robust regulatory framework for digital assets in the U.S., the SEC will continue its war on crypto whether it has the jurisdiction or not.”
