Cryptocurrencies are the number one agenda item of SEC Chairman Gary Gensler. Speaking at the congress in the past few days, Gensler claimed that most of the cryptocurrencies are securities, calling the exchanges and saying, “Come and sign up with us”.
Some congressmen criticized Gensler for his speech, saying that it was not right for the SEC to stick out under the cover without providing the necessary clarity.
Because which altcoins are securities, which are currently applying to the SEC? Or is that altcoin a security? If you ask the question, you will not get an answer. While Senators expressed that this was a great contradiction, Senator Tom Emmer said, “Get out of the way”, stating that Gensler’s approach was not applicable.
Tom Emmer’s post is as follows;
“Gary Gensler thinks most cryptocurrencies are securities. Let’s indulge his way of thinking for a moment so we can see how detrimental he is to day traders.
Let’s say the person who wants to issue a token agrees with President Gensler and wants to register it with the SEC as a security. Once registered, can this token be traded on the NYSE or NASDAQ? No.
Can a broker-dealer like Charles Schwab trade with an SEC-registered digital asset? Will they be able to buy and sell these digital asset securities? No.
What would happen to those investors if Gensler had a market cap of $1 billion and tens of thousands of investors accepted as securities? The value of the token will drop and retail investors will not be able to trade it.
There is clearly no way for digital asset securities to be traded anywhere, so it is clear that retail investors will be hurt by Gensler’s actions.
Gary Genes get out of the way.”