In fact, of the countless cryptocurrencies on the market, only a dozen or so have been called securities. Why is that?
Robert Cohen, former SEC Cyber Chief spoke to Laura Shin on Unchained Podcast about the disparity.
“There is a seeming element of real bad luck and randomness, and getting singled out to be one of the 10 or 12 tokens that are mentioned when there’s hundreds that could have been,” Cohen told the journalist and podcast host. “When you think about a government taking action, that sort of randomness seems rather unfair.”
“If the SEC were passing rules, it affects everyone the same way, and people [should] have a chance to comment,” he added.
Cohen, who now works as an attorney at Davis Polk & Wardwell LLP, also said the SEC’s actions are raising a cloud of suspicion where one may not be warranted.
“When the SEC says that a token is a security and was not registered, they seem to be implying that something wrong happened,” he said. “[It] casts a negative suggestion over the people involved in that token in the first place.”
Source: Picking and Choosing Tokens to Prosecute Is ‘Pretty Unfair,’ Says Former SEC Cyber Chief
