.@GaryGensler thinks that most cryptocurrencies are securities. Let’s indulge his line of thinking for a moment just so we can see how harmful it is to everyday investors.
Let’s say someone who issued a token agrees with Chairman Gensler wants to register it as a security with the SEC. Once registered, can this token trade on the NYSE or NASDAQ? No.
Can a broker-dealer like Charles Schwab deal in a digital asset that has gone through SEC registration? Would they be able to trade these digital asset securities and custody them? No.
If Gensler deems a coin with a $1B market cap and tens of thousands of investors a security, what happens to those investors? The value of the token will plummet & retail investors won’t be able to trade it.
Clearly there is no path for digital asset securities to be traded anywhere, so it is clear that retail investors would be hurt by Gensler’s actions. @GaryGensler, step out of the way.
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