Crypto Lawyers Unite against Gensler’s Narcissist Remark on Crypto

The SEC’s chairman called all cryptocurrency, except Bitcoin, securities that lie under its jurisdiction.
Crypto Lawyers Unite against Gensler’s Narcissist Remark on Crypto

The crypto lawyers and community have refuted the claims of Securities and Exchange Commission chairman Gary Gensler about considering all cryptocurrencies except Bitcoin as securities that are covered under the umbrella of jurisdiction, which is nothing but a completely deceitful assertion.

In an Interview published in New York Magazine on Feb 23, Gary Gensler said that “everything other than bitcoin” has a group in the middle upon which the investors anticipates profits. 

Chief Policy Officer of Blockchain Association, Jake Chervinsky countered the narcissist claim, saying “his opinion is not the law”. He added, “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.”

Another lawyer and author of Think Bitcoin, Logan Bolinger also opposed Gary Gensler’s viewpoint. He said Gensler’s opinions on cryptocurrency are not legally dispositive, as the judge holds the right to form laws about crypto and they will decide what is security and what’s not.

Also Read: Gary Gensler’s Crypto Skepticism finds a new Audience: The US Army

The policy maker at Bitcoin Policy Institute, Jason Brett remarked on Gary Gensler’s comment that “Gensler’s comments in NY Magazine shouldn’t be celebrated, but feared.” He affirmed that there are numerous ways to develop a sustainable crypto ecosystem despite the “regulatory moat”.

It is a known fact that the Security and Exchange Commission has no crystal clear policy framework for cryptocurrencies. Also, the regulatory authority’s senseless crackdown on some crypto firms forced many investors to pull their investments from crypto.

According to CoinGecko, the crypto space is currently holding more than $1.12 trillion market cap locked 12,306 tokens. If we exclude Bitcoin from it, then 12,305 tokens have a total valuation of $663B, which is unregistered securities if we believe Gary Gensler.

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