Article reading time:
1 min.
related article: He was bullied at school but now lives a lavish lifestyle thanks to trading in Bitcoin and other cryptocurrency
Fortune journalists found a video from 2018 in which the future chairman of the US Securities and Exchange Commission (SEC) says that BTC, ETH, LTC and BCH are not securities.
related article: Australian investor bought a 2,800sqm property in Charleville with money he earned by innovative financial tool
The video was recorded at the event forinstitutional investors on the topic of cryptocurrencies, organized by Bloomberg and Fidelity. On it, Gary Gensler expresses thoughts that contradict his later assumptions that all cryptocurrencies, except Bitcoin, are securities.
“More than 70% of the crypto market is bitcoin, ether,litecoin and bitcoin cash. Why did I name these four? These are not securities. Three quarters of the digital asset market are not securities,” Gensler said.
In two years, Gensler will become chairman of the SEC, and in another two, he will hit the crypto industry hard, suing numerous companies for allegedly selling unregistered securities.
Last week, the SEC sued the leadingcrypto exchanges Binance and Coinbase for violating securities laws. In its lawsuits, the agency identified 13 cryptocurrencies, including Solana, Cardano and Polygon, as securities.
Recently it became known that AmericanCongressmen Warren Davidson and Tom Emmer have introduced an updated bill to remove Gary Gensler as chairman of the US SEC to protect the crypto market from “tyranny”.
Read this:
Gary Gensler: only Congress can ban cryptocurrencies
The crypto community called Gary Gensler a hypocrite for his statements about cryptocurrencies in 2018
Gary Gensler: “Securities laws are time-tested, and cryptocurrencies should adapt to them”
Gary Gensler: Cryptocurrencies are investment contracts and should be regulated
Gary Gensler: "Cryptocurrencies are securities"
Gary Gensler: "Ethereum merger could turn ETH into a security"