Chair

Bitcoin ETF

Bitcoin

Gary

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 <p class="is-style-lead">Gary Gensler alluded that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency operators tapping legal consultants could be doing so due to their supposedly unlawful securities offerings.</p>
 <p>Gensler, Chairman of the U.S. Securities and Commission (SEC), reiterated skepticism regarding <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> service providers and their lack of compliance with existing financial laws overseeing the world’s largest capital market.</p>
 <p>Furthermore, the SEC head drew parallels between attorneys reaching agreements with crypto entities and the business model employed by digital asset operators, arguing that the economic reality highlights how the “vast majority of crypto assets likely meet the investment contract test”, and are therefore securities.&nbsp;</p>
 <p>Stuart Aldertory, Ripple’s chief legal officer, said Gensler’s comments are factually incorrect and that his underlying suggestion regarding crypto projects retaining legal advisors could be viewed as opposing rights enshrined in the U.S. Constitution.&nbsp;</p>
 <p>“It’s a not-so-subtle and outrageous threat to everyone’s right to consult with counsel,” said Aldertory via a Nov. 6 post on X. Another <a rel="noopener noreferrer nofollow" title="lawyer" href="https://thebittimes.com/tag/lawyer.html">lawyer</a> echoed thoughts from the Ripple exec, adding that the SEC under Gensler has been adamant concerning its so-called anti-<a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> stance.</p>
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    <p lang="en" dir="ltr">I was in the audience. @GaryGensler said “any of you lawyers retained by a decentralized protocol” and I raised my hand. He looked over the room, ignored me, and stuck to his script “I didn’t think so.” Dude doesn’t care about the truth. https://t.co/8AiUgx8I9k</p>— BlockProf (@JWVerret) November 6, 2023
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Ripple’s top lawyer scrutinizes SEC’s courtroom defeats during Gensler tenure
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 <p>The securities watchdog has fielded several litigations against crypto entities it views as part of a non-compliant digital asset industry rife with fraud, scams and bankruptcies. The court case SEC v Ripple began over the latter’s offering of its token XRP, and ended in a partial victory for the crypto company as the court ruled that certain sales did not qualify as securities.&nbsp;</p>
 <p>The SEC agreed to a dismissal with prejudice in its case with Ripple, as <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>.news reported.</p>
 <p>A trio of judges in Grayscale’s suit against the SEC also ordered Gensler’s commission to review the company’s bid to convert its Bitcoin trust known as GBTC into a spot Bitcoin ETF, a product the SEC is infamous for denying.&nbsp;</p>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> SEC may refuse Grayscale’s Bitcoin ETF despite court win
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sec-chair-gensler-takes-dig-at-lawyers-advising-crypto-and-defi-projects-tbt69244.html">https://thebittimes.com/sec-chair-gensler-takes-dig-at-lawyers-advising-crypto-and-defi-projects-tbt69244.html</a></p>

SEC Chair Gensler takes dig at lawyers advising crypto and defi projects

TheBitTimes

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