Some things are “uncharted” but others are simply illegal, like selling unregistered securities. The supposed confusion on this point is a pretense to help the legal defense whenever regulators get around to enforcing the law.
And again, why is crypto a security? There are a lot that clearly do fall under it, but many of the big guys don't. I don't believe you can summarily call Ethereum a security without more homework.
That's where Gensler failed. He may not be wrong, but he needs to show his work.
> I don't believe you can summarily call Ethereum a security without more homework.
Ethereum voluntarily changed its definition since the last time SEC gave it "not a security" status.
> That's where Gensler failed. He may not be wrong, but he needs to show his work.
I am sure he would be very happy to show his work to the court. Thus the Wells notice to Coinbase and the lawsuit against Bittrex. He is just not required to show his homework to Coinbase, much to the dismay of crypto shillers.
Just because some cryptocurrencies are obvious securities, especially the ICO ones, doesn't mean there aren't tulip like cryptocurrencies.
Cryptocurrencies are inherently non monolithic in design.
