In recent developments, a video from 2018 featuring Gary Gensler, the current chair of the United States Securities and Exchange Commission (SEC), has resurfaced.
In the video, Gensler states that multiple cryptocurrencies, including Bitcoin, Ether, Litecoin, and Bitcoin Cash, are not securities. This statement contradicts his more recent actions as SEC chair, where he has suggested that all cryptocurrencies, excluding Bitcoin, are securities.
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Show more +The SEC has labeled at least 68 cryptocurrencies as securities in various lawsuits, but none of the four cryptocurrencies mentioned in the 2018 video have made the list. This discrepancy has led to accusations of hypocrisy and a bill being introduced by U.S lawmakers with the intention of removing Gensler from his position. The proposed legislation also aims to restructure the SEC, giving more influence to commissioners and placing rulemaking, enforcement, and investigation authority under six commissioners.
Binance US, which was recently targeted by the SEC with 13 civil charges, has hired George Canellos, a former co-director of the SEC’s Division of Enforcement. Binance US has asked the court to deny the SEC’s proposed temporary restraining order against its assets, claiming that the move would effectively end its business.
The SEC has provided a list of firms that have attained some kind of registration with the agency. These include Bitcoin, Ether, Polkadot, Ripple’s XRP, EnergyWeb Token, and Stacks’ STX token. However, retail trading platform eToro has halted purchases of Algorand, Decentraland, Polygon, and Dash for customers in the United States in response to the tokens being labeled as securities in recent SEC lawsuits.
In other news, the public release of the Hinman speech linked to the SEC versus Ripple lawsuit was anticipated as a major event for the crypto industry. The documents revealed that the SEC took consultation from Vitalik Buterin in the process leading up to the controversial speech. Ripple CEO Brad Garlinghouse has criticized the SEC’s lawsuit against him and Ripple co-founder Chris Larson, citing politically motivated overreach in the charges related to selling unregistered securities.
These developments highlight the ongoing regulatory tensions in the crypto space, as well as the innovative solutions being developed to navigate this complex landscape.
