Crypto lawyers weighed in on Gary Gensler’s crypto regulation claims, saying that the Securities and Exchange Commission has no legal standing to police the space.
Cryptocurrency lawyers echoed the words of the head of the US Securities and Exchange Commission, who said in a recent interview that all cryptocurrencies except Bitcoin BTC ($23,419) are a title that falls within its scope.
At the close of February 23 New York Magazine Crypto Interview, Securities and Exchange Commission president Gary Gensler announced that “everything other than Bitcoin” is in the company.
He added that other crypto services “are safe because there is a group in the middle and the public expects a profit based on that group,” which he says is not Bitcoin. Jake Chervinsky, a lawyer and legal officer at the crypto media watchdog Blockchain Association, however, argued on Feb. 26 tweets that “Gensler’s opinion is not legal” even though his accusations have the authority of the crypto industry. He added “until the ‘SEC’ presents its case in court” for its right to mark each individual “once”, then it “does not have the right to control any of them”.
Attorney Logan Bolinger also contributed in a tweet on February 26 “that Gensler’s opinion on what is or is not a security is not legal” – which means that it is not a final decision. . “Judges — not SEC presidents — decide what the law means and how it applies,” Bolinger added.
A legal advisor at the Bitcoin Policy Institute, Jason Brett, said that Gensler’s words “should not be celebrated, but rather feared” and said, “There are other ways to make money than through regulation”.
Meanwhile, Gabriel Shapiro, general counsel at the investment company Delphi Labs, explained in a series of tweets that the strong enforcement of the SEC will involve the company to support its governance. Shapiro said that more than 12,300 trademarks worth about $ 663 billion are – according to Gensler – illegal unregistered securities in the US and, according to Chervinsky, the company will file a lawsuit against the creator of any sign.
The SEC has used crypto in two main ways, according to Shapiro: Either issuer require issuers to register, or they are charged and mandated was destroyed and removed from the revolution. “Registering with the SEC is not only too expensive for many issuers, and there is no clear path to trademark registration,” Shapiro said, adding:
“What’s the plan here?” Since registration is impossible [anyone] can pay a large fee, stop working in the legal system, destroy the entire development park, and withdraw [tokens] from the business. That would mean 12,305 tests.
“What is the plan? We all think that billions of US [dollars] are at risk.
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