Michael Saylor: This week before the House Appropriations Committee on 5/18, Gary Gensler reiterated that most cryptos other than Bitcoin are securities and suffer from the lack of full and fair disclosures. He expects crypto-token issuers and crypto exchanges to register with the SEC Gov.
Thus, Micheal Saylor states, “Bitcoin is the formula for Success.”
Community Reaction: BTC and Altcoins needs each other, Keep lobbying for this and you will destroy your own BTC holdings.
There are many who are staying away from Bitcoin due to lack of regulatory clarity. While the government can’t regulate Bitcoin, it goes create regulations for people to follow. Thus, this is set to eliminate the FUD that BTC is only for criminals.
Ultimately, Michael Saylor has delivered a statement on the politics of things.
It is going to be interesting to see how market reacts to all of these Alts being labeled as securities. They’re all down considerable amounts compared to the BTC. They will go down even more, many to zero. This is good for Bitcoin.
Being a registered security is not bad at all, it actually brings in trust from investors all around the world BTC on the other hand, will soon see the consequences of halving computational power will 10X while incentives decrease. The BTC network will weaken and will get hacked.
While this looks like lot of regulatory clarity, the CFTC are already hostile towards Bitcoin. The CFTC is an independent federal regulatory agency tasked with overseeing the U.S. derivatives markets.
Gary Gensler seems to have been consistent about his message on which ones are considered securities. While it won’t be good for the tokens that are deemed as securities, but how significant will this impact be? More regulation won’t be allowed to market themselves because more transparency is added liability for exchanges.
Why is there a problem with coins being a security? Property, Shares, Gold and Bonds are a security. We need smart security NOT zero security. Financial freedom comes at a cost, nothing is for free. This should be sorted.
A security is defined as putting an investment of money pooled together with others to make a profit due to the efforts of a third party. Stocks are securities because of the management running the company. Stables are securities because there are people ‘running’ them, unlike BTC
Let us see. The SEC doesn’t even have a consensus within its own agency that most cryptos are securities. Also, Gary Gensler is going to have to explain his agency’s overreach and its many conflicts of interest after the midterms.
Any money that you have is Fed Money and Fed Decides what value it should be. Bitcoin is the answer when you are put to pay the value for all the money the Fed prints.
Get the latest Crypto & Blockchain News in your inbox.