Chia Network ($XCH) CEO Gene Hoffman is working towards registering with the SEC despite saying that XCH is a token, not a security.
Whatever his reasons, it might be due to SEC Chairman Gensler’s recent reassertion in New York Magazine that “Everything other than Bitcoin” is essentially a security.
Sounds like good news for the $BTC-maxi’s out there – but there’s clearly some difference of opinion.
Crypto pundits and attorneys have jumped in with their opinions – all pretty much saying the same thing: Gensler doesn’t make law, and he has to prove each crypto individually in court.
Friendly reminder that Gensler’s opinions on what is or isn’t a security are not legally dispositive.
In this country, judges – not SEC chairs – ultimately determine what the law means and how it applies.
Doesn’t mean his thoughts are irrelevant. They’re just not dispositive.
— Logan Bolinger (@TheWhyOfFI) February 26, 2023
Chair Gensler may have prejudged that every digital asset aside from bitcoin is a security, but his opinion is not the law. The SEC lacks authority to regulate any of them until and unless it proves its case in court. For each asset, every single one, individually, one at a time.
— Jake Chervinsky (@jchervinsky) February 26, 2023