SEC Chairman’s Bitcoin and Crypto Asset Statement Creates Controversy!

Chairman of the US Securities and Exchange Commission (SEC) Gary Genslerexplained in detail why it considers all crypto tokens other than Bitcoin to be securities. While acknowledging that crypto tokens can have different setups, he stressed that “in essence, these assets are securities.”

All Crypto Assets Securities Except Bitcoin!

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler explained why he believes all crypto assets other than Bitcoin are securities, in an interview published Thursday by New York Magazine’s Intelligencer.

According to the same interview SECHe stated that he has the authority to examine almost every field except spot transactions and real goods trading with Bitcoin.

Sec chair clarifies on Bitcoin and cryptocurrencies

bitcoin You can find a website for everything but a group of entrepreneurs, they can set up their legal entity in an offshore tax haven, they can have a foundation, they can practice as lawyers to try to arbitrage and make it harder from a jurisdictional point of view, etc.

gens, certain cryptocurrency He continued his words as follows, without naming his units.

At first they can leave their tokens overseas and claim or pretend that it will take them six months to get back to the US.

But in essence, these tokens are securities because there is a group and the public expects profits based on this group.

After Gensler claimed that all crypto tokens except BTC are securities, a number of people tweeted to criticize the SEC chairman.

Koinfinans.com As we reported, attorney Jake Chervinsky commented: “President Gensler may have the bias that every digital asset other than Bitcoin is a security, but his view is not the law.”

Chervinsky added that “the SEC has no power to regulate any of these until and unless it can prove its case in court,” and that this must be done “for each entity, for each, one at a time, one at a time.”

Another lawyer, Logan Bolinger, similarly said on Twitter, “The judges, not the SEC presidents, determine what the laws in this country mean and how they are enforced. This does not mean that his thoughts are unimportant. They are not just decisive.”

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