Coin Edition -
- Founder of Crypto Law disagrees with MicroStrategy Founder about everything other than BTC being a security.
- Deaton drives his point home by stating there certainly isn’t a consensus with the legal community.
- The lawyer also says that Saylor’s a brilliant guy and he knows what he’s saying is not true.
Founder of Crypto Law John E Deaton takes to Twitter to challenge Founder of MicroStrategy Michael Saylor on his opinion. Saylor states that there is a general consensus in the crypto industry that everything other than Bitcoin is a security.
Not true. Outside of @GaryGensler’s and #BTC Maxis, there’s no consensus everything other than #Bitcoin is a security. There certainly isn’t a consensus w/in the legal community. Software code is NOT a security. It, like any other asset, can be offered and sold as a security. https://t.co/MokmwLr7Ok— John E Deaton (@JohnEDeaton1) February 27, 2023
In the tweet, Deaton explicitly expresses his opposing views about the recent actions taken by the Securities Exchange Commission (SEC) and SEC Chairperson Gary Gensler regarding regulations in the crypto world. Deaton opines:
Not true. Outside of Gary Gensler’s [brains] and BTC Maxis [maximalist] , there’s no consensus [that] everything other than Bitcoin is a security.
The General Counsel for Ripple goes on to ascertain that there certainly isn’t a consensus with the legal community. He says, “Software code is not a security. It, like any other asset, can be offered and sold as a security.”
Deaton’s tweet was in response to the post made by Bitcoin enthusiast Michael Saylor. Saylor says that everything in the crypto industry is destined to be regulated by the SEC government. Saylor states:
This makes BTC the only crypto-asset suitable for use as global money.
Deaton speculates that Saylore has ill intentions and comments that Saylor is a rocket scientist from MIT. “He’s a brilliant guy and he knows what he’s saying is not true,” says Deaton. The lawyer explains that he finds it difficult to blame Saylor as he understands the narrative is intended to push money out of alternative coins and into Bitcoin.
Saylor was commenting on the New York Magazine piece that mentions Gary Gensler, his crypto crackdown and his meeting with Sam Bankman-Fried. The article further analyzes the ripple effect Gensler and his SEC officers created in the crypto industry starting from the pushback that happened in March on Sam Bankman-Fried’s influence in the U.S crypto regulation sector.
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