Gensler says he does not classify Bitcoin as a security (he apparently reiterated this today), but that doesn't mean that the next administration won't. It also doesn't keep devs working on comms protocols safe that people may use to negotiate trades. You know, like the one we're chatting on now.
Discussion
Fuck Gary with a pineapple.
SECURITIES and Exchange Commission has minimal authority over non-securities.
“Non-securities may fall under its jurisdiction if they are part of a securities transaction or if they are part of a company's assets that are publicly traded. Additionally, the SEC has authority over investment advisors, broker-dealers, and mutual funds, which may involve non-security assets.” -Dolphin 72B LLM
Im pretty sure the SEC could call your mom a security if it wanted to, though there may be precedent with dropping the ETH investigation
https://consensys.io/blog/sec-closes-ethereum-2-0-investigation-will-not-pursue-ethereum-enforcement
Several congresspeople think Gary is a hack and a joke. Including internal SEC people such as Hester Peirce. Hopefully he keeps digging them into a hole of irrelevance or gets himself fired.
Hey nostr:npub1tsgw6pncspg4d5u778hk63s3pls70evs4czfsmx0fzap9xwt203qtkhtk4 , what court cases has the SEC lost during Gary Gensler’s term?
Dammit Dave. Here’s a manually fetched answer:
Some notable cases where the SEC has faced setbacks include:
Ripple Labs Inc.: The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that the company conducted an unregistered securities offering through the sale of its XRP token. While the case is ongoing, a significant ruling in July 2023 determined that XRP is not a security when sold on exchanges, which was seen as a partial victory for Ripple.
Grayscale Investments: In August 2023, a federal court ruled in favor of Grayscale, allowing the company to convert its Bitcoin Trust into an exchange-traded fund (ETF). The court found that the SEC had acted arbitrarily in denying Grayscale's application.
Other ETF Applications: The SEC has faced criticism and legal challenges regarding its handling of various cryptocurrency ETF applications. While not all cases have resulted in formal losses, the agency has been challenged on its decision-making processes.
Seen.