04-15-2023, 09:01 AM
SEC head Gensler has come out and criticised crypto firms for not following the law.
<!-- SC_OFF --><div class="md"><p>Gensler recently made a statement that "Crypto platforms ‘are acting as if they have a choice to comply with our laws". This was among his recent remarks with regard to the industry. He made further allegations against crypto firms continuing, "“Calling yourself a crypto platform is not an excuse to ignore the securities laws. Calling yourself a DeFi platform is not an excuse to defy the securities laws.”</p> <p>I can only ask in response to this, WHAT laws is he referring to. Staking as a service was never stated to be against securities law before the SEC suddenly said it was and started handing out fines. It doesn't really matter if you view them as being securities, the fact is that the laws were murky around it and the SEC failed to give notice, guidelines or clarity in advance. Or maybe he is referring to the tokens and coins that are classified as securities. Gensler himself has wavered back and forth on very topic stating at one time that only BTC and ETH were commodites, then backtracking to only BTC is a commodity, saying at another time that <strong>all</strong> tokens are securities and also vaguely admitting that <em>some</em> stablecoins are commodities, but refusing to say which. This issue is only made less clear as the CFTC named BTC, LTC, ETH, BUSD, USDT and some other unamed tokens as commodities in their suit against Binance.</p> <p>Over the years he has also ordered a number of exchanges to comply under securities law, but how is that possible when they can't even state which tokens and coins are securities. We could also flip across to the secret meetings and privileged regulations FTX and SBF were entitled to under Gensler's watch and likely by his very hand. This whole thing is shambolic.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/OneThatNoseOne"> /u/OneThatNoseOne </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12mg30c/sec_head_gensler_has_come_out_and_criticised/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12mg30c/sec_head_gensler_has_come_out_and_criticised/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>Gensler recently made a statement that "Crypto platforms ‘are acting as if they have a choice to comply with our laws". This was among his recent remarks with regard to the industry. He made further allegations against crypto firms continuing, "“Calling yourself a crypto platform is not an excuse to ignore the securities laws. Calling yourself a DeFi platform is not an excuse to defy the securities laws.”</p> <p>I can only ask in response to this, WHAT laws is he referring to. Staking as a service was never stated to be against securities law before the SEC suddenly said it was and started handing out fines. It doesn't really matter if you view them as being securities, the fact is that the laws were murky around it and the SEC failed to give notice, guidelines or clarity in advance. Or maybe he is referring to the tokens and coins that are classified as securities. Gensler himself has wavered back and forth on very topic stating at one time that only BTC and ETH were commodites, then backtracking to only BTC is a commodity, saying at another time that <strong>all</strong> tokens are securities and also vaguely admitting that <em>some</em> stablecoins are commodities, but refusing to say which. This issue is only made less clear as the CFTC named BTC, LTC, ETH, BUSD, USDT and some other unamed tokens as commodities in their suit against Binance.</p> <p>Over the years he has also ordered a number of exchanges to comply under securities law, but how is that possible when they can't even state which tokens and coins are securities. We could also flip across to the secret meetings and privileged regulations FTX and SBF were entitled to under Gensler's watch and likely by his very hand. This whole thing is shambolic.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/OneThatNoseOne"> /u/OneThatNoseOne </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12mg30c/sec_head_gensler_has_come_out_and_criticised/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12mg30c/sec_head_gensler_has_come_out_and_criticised/">[comments]</a></span>