• Gary Gensler’s recent comments that all cryptos besides Bitcoin (BTC) are securities has left the digital asset market in confusion.
• Attorney John Deaton, who is an Amicus curiae in US SEC vs. Ripple lawsuits, hit back at these claims, insisting there is no consensus in the market that all other digital assets are securities.
• Michael Saylor, co-founder of MicroStrategy and a Bitcoin maximalist, supported Gensler’s comment but John Deaton challenged his assertion that there is a consensus building in the industry that every other crypto besides BTC is a security.
Gensler’s Comments Spark Controversy
The digital asset market has been thrown into confusion following recent comments by U.S Securities and Exchange Commission (SEC) Chair Gary Gensler that every cryptocurrency besides Bitcoin (BTC) is a security.
Deaton Challenges Gensler’s Claims
Attorney John Deaton, who is an Amicus curiae in the US SEC vs. Ripple lawsuits, hit back at these claims, insisting there is no consensus in the market that all other digital assets are securities. He added that any crypto could be offered and sold as a security but software code cannot be classified as one. There was also no evidence to suggest otherwise beyond Gensler’s and Bitcoin maximalists’ narrative according to Deaton.
Saylor’s Assertion Challenged
Michael Saylor – co-founder of MicroStrategy and a Bitcoin maximalist – had supported Gensler’s comment saying this move would regulate other cryptocurrencies by the US SEC making Bitcoin suitable for global money use case. However, Deaton slammed Saylor’s opinion insisting there was no consensus outside of Gensler’s and BTC maximalists‘ views regarding this matter; adding that Saylor intended to push a narrative driving money away from altcoins into Bitcoin despite his brilliant scientific background from MIT knowing it wasn’t true.
MicroStrategy Still Owns 129K BTC
Despite Michael Saylor’s support for Genserl’s comments, MicroStrategy Inc – the biggest public company holder of Bitcoin – still owns 129 699 BTC valued around $3 04 billion at press time despite its CEO supporting the comment mentioned above about altcoins being securities according to US law .
Conclusion
It remains to be seen what impact Genslers‘ comments will have on the cryptocurrency market or if other regulators will follow suit with similar decisions regarding cryptocurrencies classification as securities