Gensler says securities law is time-tested, crypto just needs to fall in line
Securities and Exchange Commission Chair Gary Gensler continued to hint that ether, among other crypto tokens, may face increased scrutiny as an unregistered security. And with securities laws time-tested, the industry better get in line. “If the public is anticipating profits based upon the efforts of others in a common enterprise, those are the indicia of a security,” Gensler said when asked by The Block why he declined to directly weigh in on whether the second-largest cryptocurrency.
The Republican chair of the House Financial Services Committee, Patrick McHenry, earlier pressed the SEC chair to provide more clarity on the topic, a seeming friction point between Gensler and fellow markets regulator Rostin Behnam, the chair of the Commodity Futures Trading Commission. In a recent enforcement action against crypto firm KuCoin, New York Attorney General Letitia James asserted that ether is an unregistered security, possibly opening Ethereum co-creator Vitalik Buterin and other early developers up to legal liability. McHenry during repeated attempts to get Gensler to provide further detail on ether.
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