At the forefront of what comes next will be whether the SEC can establish it should have purview of the rapidly expanding cryptoverse – and whether many crypto offerings are, indeed, securities.
In his recent interview with CNBC, former SEC chair Clayton said he was not so sure the SEC would prevail. “As this has developed, it is clear Bitcoin is not a security,” he noted, adding, “Crypto is a technology.”
“Now the SEC has to deal with the line between securities offerings and trading – and non-securities trading and offerings.” Clayton said crypto assets are “something that retail investors want access to, that institutional investors want access to.”
Gensler may have backed himself into a corner on crypto but, as Wall Street’s top cop, he can still outlast his crypto foes by continuously appealing, even if he can’t win — at least, until he leaves his post — market observers say.
‘Enforcement 40’ for 2020
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