SEC Chair Gensler’s Stance Against “Crypto” Leads Him to Unrest

• Coinbase’s CEO highlighted the SEC chair’s previous statement and criticized Gensler.
•  Gary Gensler stated in 2018 that the US follows the Howey Test.

The regulatory uncertainty is already having an impact on the cryptocurrency market. As evidenced by the widely publicized new lawsuit between Coinbase and the United States Securities and Exchange Commission (SEC), is now gaining steam in the community.

Following the exchange’s stance against the SEC, Coinbase CEO Brian Armstrong starts roasting SEC Chair Gary Gensler for his recent actions. Today Armstrong highlighted a previous incident and shared a 5-year-old video of Gensler saying that he was the professor at MIT and participated in the course called “Blockchain and Money.” In that speech, the SEC Chair spoke about the importance of “blockchain and cryptocurrency.”

He states that the US, Canada, and Taiwan are the three jurisdictions that follow something similar to the “Howey Test.” Also, he stated that 3/4 of the market is non-securities. “It’s just a commodity, a cash crypto.”

SEC vs Crypto Firm Battle

While the Ripple vs SEC battle has not come to an end, the largest cryptocurrency exchange in the United States, Coinbase, filed a lawsuit against the SEC on Monday. Also, the CEO of the crypto exchange issued an NFT and urged the community to “Stand With Crypto” as it pursues legal action to obtain regulatory clarity.

According to reports, American-based cryptocurrency companies are looking to relocate due to the difficulty of obtaining market direction from financial regulators. Further, the CEO of Coinbase recently hinted at moving overseas. In addition, a number of recent events suggest that Ripple Labs may also be considering doing the same.