A group of lawyers has come forward to criticize recent statements made by Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC) on cryptocurrencies. For those who are not aware, Gensler has recently claimed that all cryptocurrencies should be looked at as securities under United States law. This statement has sparked dissatisfaction among many in the community.
According to the group of lawyers, Gensler’s claims are unfounded and have no backing by existing legal precedent. They argue that while some cryptocurrencies may indeed be securities, others do not meet the necessary criteria and should not be subject to the same regulatory framework. They also accused Gensler of overstepping his authority and attempting to impose overly broad regulations on the entire crypto domain.
In a statement released by them, the lawyers wrote: “We are deeply concerned by Chairman Gensler’s recent comments regarding the classification of cryptocurrencies as securities”. The group looks quite unhappy after seeing their statements on the chairman.
They want a more hassle-free and easy approach to crypto regulation, one that takes into account the unique characteristics and uses cases of each cryptocurrency. The group also emphasized the importance of ensuring that regulation is transparent, and seamless, and does not stifle innovation or hinder competition.
One of the most prominent lawyers, Jake Chervisky wrote on his Twitter account: “Chair Gensler may have prejudged that every digital asset aside from bitcoin is a security, but his opinion is not the law. The SEC lacks authority to regulate any of them until and unless it proves its court case”.
The debate over crypto regulation has been ongoing since its birth, with proponents of decentralization and refurbishment pushing back against what they see as attempts by governments and regulators to control the whole digital currency world. As this industry continues to grow and change rapidly, it remains to be seen how this debate will ultimately be resolved.