Think from Gensler’s perspective, though, and there’s little upside in breaking the silence. Accept that digital assets are not securities after all, and he would look foolish for not saying so sooner. Yet state definitively that they are securities, and Gensler would have to show his reasoning, opening the SEC up to more costly legal battles that it could lose.
Meanwhile, with no firm decision either way, the agency can keep firing off enforcement actions, which will continue to provoke howls of inconsistent behavior. Complain as they may, Gensler’s foes may just have to accept that sometimes, no answer is an answer.
Source: Crypto-silence is precious for Gensler’s SEC | Reuters