An omnipotent crypto SEC? – THE serious danger for cryptocurrencies what does the Securities and Exchange Commission (SEC) becomes clearer. Its president Gary Gensler really wants to treat all cryptocurrency projects such as securities (securities) under his supervision. In fact, alone Bitcoin (BTC) would seem to be able escape to the regulatory raid wanted by the US financial policeman.
FTX and Sam Bankman-Fried used as a pretext for regulators
On February 23, 2023, New York Magazine published an interview obtained from Gary Genslerthe current president of the Securities and Exchange Commission. And as much to warn right away: the way of considering the cryptos of the regulator sends shivers down the spine.
It must be said that Gary Gensler, failing to be wet, was splashed by FTX case. Many blame him for at least not being able to prevent the formation of the lame empire of Sam Bankman-Fried. And some even go so far as to say that the chairman of the SEC would have favored the ascent of SBF and its crypto-exchange, until they were very close to dominating the sector.
Thus, Gary Gensler clearly expresses his desire not to don’t want to let go on cryptocurrencies CFTC (Commodity Futures Trading Commission), the other US financial policeman, focused on goods (commodities). Although the multiple disasters of the year 2022 in the cryptosphere speak against himthe chairman of the SEC wants to be in charge of the entire sector.
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All cryptocurrencies are securities, really?
The whole cryptosphere supervised by the SEC? No. A “small” irreducible crypto would resist again and again to Gary Gensler: Bitcoin ! Indeed, if the chairman of the SEC wants to control all crypto-assets, he must already concede to himself that the BTC will escape him. But for the others…
“Anything other than Bitcoin: you can find a website, you can find a group of entrepreneurs, they can set up their legal entities in an offshore tax haven [comme FTX], they can have a foundation, (…). But deep down, these tokens are securities, because there is an entity behind it and the public anticipates benefits (…). »
Gary Gensler, Chairman of the SEC
Bitcoin lawyers remind that the SEC does not (yet) make the law…
… and fortunately ! Following the statements of the head of the Securities Commission, the supporters of the cryptosphere have of course shown themselves outraged by such a desire toregulatory hegemony.
the lawyer Jake Chervinskymember of the Blockchain Associationreacted in a tweet:
“Chairman Gensler may have prejudged that all digital assets except Bitcoin are securities, but his opinion does not have the force of law. The SEC has no authority to regulate any of them until they prove their case in court. For each asset, each of them, individually, a share one. »
Before wanting to regulate a cryptocurrency, the SEC would already have to can prove in court that it is a security. And when we see that the US financial policeman has been unable to prove it after more than 2 years for the XRP of Ripplewe understand that Gary Gensler would prefer a package “ giving it full rights, rather than having to demonstrate its claim on each of the thousands of cryptos in existence.
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