The video was recorded at an institutional investor event on cryptocurrencies hosted by Bloomberg and Fidelity. In it, Gary Gensler expresses thoughts that contradict his later assumptions that all cryptocurrencies except bitcoin are securities;
“More than 70% of the crypto market is bitcoin, ether, litecoin and bitcoin cache. Why did I name these four? They are not securities.. Three-quarters of the market for digital assets is not securities,” Gensler stated.
Gensler would become chairman of the SEC in two years, and in two more would come down hard on the crypto industry, suing numerous companies for allegedly selling unregistered securities;
Last week, the SEC sued leading crypto exchanges Binance and Coinbase for violating securities laws. In its lawsuits, the agency identified 13 cryptocurrencies, including Solana, Cardano and Polygon, as securities.
It was recently reported that U.S. congressmen Warren Davidson and Tom Emmer introduced an updated bill to remove Gary Gensler as chairman of the U.S. SEC to protect the crypto market from “tyranny.”<br