Speaking to TheBlock, Gary Gensler stated that the main function of the SEC is to ensure that companies and even users of cryptocurrencies comply with securities laws. According to him, if the owners of any cryptocurrency expect a profit that depends on the efforts of another company, this is a sure sign of a security.
“Crypto asset operators usually have websites, software updaters, public relations officers with a Twitter account. Crypto companies hire lawyers, often lobby their interests, meet with members of the SEC and Congress. It defies logic that there is no common group of cryptocurrency promoters, although they are already everywhere,” Gensler said.
When asked by journalists whether it makes sense to clarify the regulation of ether, given the conflicting views of different departments on this cryptocurrency, Gensler replied that ether falls into the area of regulation, which already has clarity, but they are mistakenly trying to ignore it. Securities laws have long stood the test of time, so the cryptocurrency industry is much better off adapting itself to it, Gensler said.
Recall that the regulator recently called the crypto assets OMG, DASH, ALGO, TKN, NGC and IHT securities, filing a lawsuit against the Bittrex cryptocurrency exchange. In March, New York Attorney General Letitia James also classified ETH, LUNA, and UST coins as securities, accusing the KuCoin exchange of lack of registration.
Source: Bits
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