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Sandeep Kumar Mishra
Feb 27, 2023
by Sandeep Kumar Mishra

Crypto Advocate Bashes SEC Chief for Calling All Crypto as Security

SEC Chief
Cryptocurrency lawyers have rebuffed comments made by the head of the United States securities regulator, who claimed in a recent interview that every cryptocurrency except Bitcoin is a security that falls under its jurisdiction. In a wide-ranging Feb. 23 New York Magazine interview discussing crypto, SEC Chief Gary Gensler claimed “everything other than Bitcoin” falls under the agency’s remit.

SEC Chief: Assessing Securities' of Crypto Projects Is Not The Law

Gensler had said that crypto projects are securities due to the presence of a middle group in between and the public expectations from the group. Jake Chervinsky proclaimed that despite Gensler having claimed his authority over the crypto industry, his opinion is not the law. He also said that the SEC lacks the authority to regulate unless and until it proves in court the jurisdiction over each individual token at a time. 

SEC Lawsuits Wanted: Delphi Labs Attorneys

In a series of tweets, the investment firm Delphi Lab counsel, Gabriel Shapiro described to all intents and purposes impossible enforcement that the SEC would need to carry out on the industry in order to enact its rule.

SEC has dealt with crypto in two ways that is either penalizing the token creator and requiring the issuer to register or penalising the token creator and ordering their destruction and removal from the exchange. SEC registration is not only very expensive but also there are no clear guidelines for token registration.

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Crypto Advocate Bashes SEC Chief for Calling All Crypto as Security
Sandeep Kumar Mishra
Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.

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