U.Today - Bitcoin maximalist Max Keiser has in support of the recent "question-and-answer" session with SEC Chairman Gary Gensler. It was conducted by the Federal Reserve Bank of Atlanta during the 27th annual .
Keiser tweeted that "Gary" is right, calling every crypto that is not Bitcoin a security. That includes, Keiser stated, XRP and ETH.
He stated that El Salvador has already integrated Bitcoin as the national currency (allowing no other crypto to be used), and he invited Gensler to come over to El Salvador and "see how we became the leading BTC country in the world."
Gary Gensler clarifies the "crypto regulation" issue
Recently, Coinbase (NASDAQ:COIN) filed a lawsuit against the SEC agency, requiring that the regulator issue clear rules for regulating crypto assets, their issuance and trading on digital exchanges.When the same question about regulatory clarity in relation to cryptocurrencies was asked of Gensler, he stated that since he believes that all cryptocurrencies qualify as securities, the rules have been in existence for a long time – the same ones that are used for traditional securities.
Gensler claims that blockchain companies, crypto exchanges and lenders prefer not to comply with the existing securities legislation. Earlier today, it was reported that the the federal judge to dismiss Coinbase's demand for a faster clarification of crypto asset regulation as unfounded.
SEC attacks U.S. crypto exchanges
This year, the regulatory agency sent Coinbase a Wells notice, which is sent basically before taking an entity to court. The notice was sent in relation to Coinbase's staking services and crypto asset listing. Aside from Coinbase, the SEC cracked down on the U.S.-based Kraken exchange, claiming its crypto staking service harms investors.As a result of the SEC activity against crypto companies, major crypto platform Bittrex chose to shut down its U.S. branch. Citing the lack of interest by the U.S. government in innovation and the lack of clear regulatory rules about crypto, the Bittrex U.S. team stated it would focus on helping Bittrex Global to succeed.
Aside from that, the SEC continues its long-standing lawsuit against Ripple Labs, which started in December 2020. The regulator asserts that the company, its cofounder Chris Larsen and current CEO Brad Garlinghouse have been selling millions of XRP tokens as unregistered securities and earning nearly $2 billion from it.