“Just as Satoshi has long predicted – SEC chief Gary Gensler fires warning shot at ‘crypto’ companies” said the entrepreneur and freind of Dr Craig Wright in a Tweet today:
In an article by Coingeek – SEC chief Gary Gensler fires warning shot at ‘crypto’ companies
Gary Gensler is coming after digital currency companies. In his recent opinion piece published on the Wall Street Journal, the chairman of the U.S. Securities and Exchange Commission fired a warning shot at the digital currency industry.
Gensler’s main message for digital currency businesses was that just because their platforms and services revolve around distributed ledger technology does not mean that existing securities laws do not apply.
Gensler says that many digital currencybusinesses often try to hide behind the label they assign themselves, like “lending platform, crypto exchange, and decentralized finance platform,” but at the end of the day, “the Supreme Court has made clear that the economic realities of a product—not the labels—determine whether it is a security under the securities laws.”