In one example, they desperately tried to get Gensler to expose his true beliefs on whether or not ether is a security, and like a well practiced political appointee, Gary was able to fill his time while saying nothing at all. Well, perhaps he did say slightly more than nothing, pointing out many coins had the classic markers of securities including: — Entrepreneurs — Websites — Twitter — Lawyers So, if you don't want to be a security, maybe make sure you have none of those things. Broadly, Gensler's general stance and demeanor would suggest that he believes that ether WAS a security. However, earlier comments from Commissioner Hinman surrounding its status as "sufficiently decentralized" have made it inconvenient for the SEC to treat it as such. So, even if in Gary's perfect world he'd hop on a soapbox and declare ether a security and Vitalik Buterin a fugitive of the state, he must instead be content with piecemeal enforcement targeting far more vulnerable targets. The political will is really a key piece of understanding the current regulatory posture, before the collapses of Terra, 3AC, BlockFi, Celsius, Voyager, and FTX, it was far easier for politicians and regulators to justify a stance of general ambivalence as they waited to see whether crypto would bring value or devastation. Now, when they stare out from their ivory towers, the destruction of crypto is harder for them to deny, giving them an opportunity to take pot shots in exchange for political position. Gensler is still insisting that any exchange trading anything that might be a security needs to come in and register as a securities exchange. Representative Davidson, who previously attempted to overturn the will of the people for the 2020 election, also announced his intention to introduce a bill to fundamentally restructure the SEC, but failed to share a draft or much in the way of details beyond a single tweet. Maybe he had a draft and then Dominion switched it out from underneath him using a Venezuela-developed draft-switching technology. |
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