Gary Gensler Certified “BTC, ETH, LTC And BCH Are Not Securities” In 2018: Forbes
- SEC Chairman Gary Gensler confirmed to institutional investors in 2018 that BTC, ETH, LTC, and BCH are not securities.
- The comments come at a time when the cryptocurrency is in the midst of a bull market and more than two years before Gensler was appointed SEC chair.
- Cryptocurrency lawyers said that this statement by Gary Gensler was only at the time, so it did not affect the current legal actions of the SEC.
According to Forbes, a new video shows Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC), telling institutional investors in 2018 that BTC, ETH, LTC, and BCH are not securities and 75% of the overall crypto market at the time was outside that legal category.
The comments come at a time when the cryptocurrency is in the midst of a bull market and more than two years before Gensler was appointed SEC chair. The video, from a crypto-themed institutional investor event hosted by Bloomberg and Fidelity in 2018, shows Gensler expressing a view that seems to contradict his recent statements that he currently believes that Bitcoin All cryptocurrencies other than cryptocurrencies are securities.
The SEC did not immediately respond to a request for comment about any potential conflicts between Gensler’s 2018 comments and the agency’s current legal position.
Prior to that, other videos from Gensler’s time at the Massachusetts Institute of Technology (MIT) also appeared, showing him saying that Ethereum is not a security. The video is arguably more important as it shows the current SEC chairman providing guidance to hedge funds and other investors on the regulatory state of the crypto market.
The SEC did not immediately respond to a request for comment on any potential conflicts between Gensler’s 2018 comments and the agency’s current legal position.
However, these comments may anger the crypto industry and many crypto owners, who argue that Gensler did not provide guidance on the legality of specific tokens before embarked on what many describe as a “strategy of law enforcement.”
This could be a sensitive time for the SEC chairman as he is under fire from crypto fans due to strong legal actions against the two largest service providers in the market. are Binance and Coinbase. In addition, a pair of Republicans in the House of Representatives presented legislation to remove the chairman of the Securities and Exchange Commission (SEC). Republicans object to Gensler’s “long series of abuses that have been permitted under the current SEC structure.”
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