Since Gary Gensler has been adamant that all of these things are securities, you could say that Coinbase has been pushing the line – just like anybody else in this industry has been pushing the boundaries – because we’re getting all these speeches that say ‘everything’s a security.’
But at the end of the day, everything is not a security, period, end of story. You don’t have to be bullish on crypto to be in that camp. These things are not designed to be investments. The majority of them are designed to be used in a decentralized network to bring people together on a peer-to-peer basis. If we regulate these things as securities, this technology just simply cannot operate and it fails.
So when you take a position like the SEC has taken, that everything is a security, you’re really kind of putting us all in a place where we just inherently disagree, because they’re not intended to be securities….
‘Enforcement 40’ for 2020
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