Gary Gensler links crypto with cash in viral 2018 video — Crypto Twitter reacts
The crypto community is calling out the hypocrisy of Gary Gensler, the head of the United States securities regulator, after a 2018 video emerged of him stating that cryptocurrencies are on par with commodities or cash and are not securities.
The video came from a “Blockchain and Money” class in the Fall Semester of 2018 taught by Gensler, a former professor at the Massachusetts Institute of Technology (MIT) before he became chair of the Securities and Exchange Commission (SEC).
On the topic of initial coin offerings (ICOs), Gensler said that "three-quarters of the market are not ICOs or not what would be called securities" and named the U.S., Canadian and Taiwanese markets as the "three jurisdictions that follow something similar to the Howey Test."
"Three-quarters of the market is non-securities, it's just a commodity, cash,crypto,” Gensler then said.
The below clip is from a Fall 2018 Graduate MIT course called "Blockchain and Money"Gary Gensler - the current President of the SEC, was the professor. The Hypocrisy speaks for itself "So we already know in the US and in many other jurisdictions that 3/4 of the market… pic.twitter.com/rjRWeq5P8X
While Gensler briefly acknowledged that ICOs may spark a securities debate, he concluded that “three-quarters of the market is not particularly relevant as a legal matter.”
Several members of the crypto community were stunned by Gensler’s remarks.
Coinbase CEO Brian Armstrong commented a mere “Wow” in response to an April 26 Twitter post shared by cryptocurrency researcher “zk-SHARK.”
Wow https://t.co/gQZ7pRWacM
Erik Voorhees, the founder of crypto trading platform ShapeShift asked "When does someone get arrested for fraud?" in an April 25 Twitter post to his 658,900 followers.
When does
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