RE: Gary Gensler BTC comments2 Sep 2021 00:25
Gensler has been saying the same thing, to different audiences, for weeks now.
“ In his speech Gensler mainly emphasized the risk that unregulated crypto exchanges pose to the public, as well as the common use of stablecoins as a way of side-stepping public policy goals. Neither of these remarks seemed aimed at Bitcoin.
Referencing the proliferation of unregulated, unbrokered crypto scam exchange sites, he commented, “this asset class has been rife with fraud, scams, and abuse in certain applications.”
He has quoted the Howey test at least five times that I have seen. It boils down to this. If one entity controls a crypto, then it is a security. The SEC had 72 on-going “investigations”. I don’t know enough about eth, but didn’t the “owner” decide to “burn” some of it, to increase its value? If that’s true, and I don’t know if it is or not, then it CLEARLY passes the Howey test and will be lumped in with all the sxxxcoins.
Anyone smart enough to get out of sxxxcoins before they get Genslered, will surely pump into Bitcoin, as probably the only safe, surviving crypto.
Happy to hear alternative views