Gary Gensler made waves over the weekend after claiming that 'everything other than bitcoin' are classified as securities. Crypto lawyers had more than a few words of rebuttal.
Chair Gensler may have prejudged that every digital asset aside from bitcoin is a security, but his opinion is not the law. 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.He added “until and unless” the SEC “proves its case in court” for its jurisdiction over each individual token “one at a time” then it “lacks authority to regulate any of them.
Friendly reminder that Gensler’s opinions on what is or isn’t a security are not legally dispositive. “Judges — not SEC chairs — ultimately determine what the law means and how it applies” Bolinger added.
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