Gary Gensler Misterpretes The US Supreme Court Test
Ripple’s General Counsel shun SEC Chairman, Gary Gensler for misinterpreting the U.S Supreme Court test to determine what should be a security.
Stuart Alderoty stated in the tweet that Gary could not ascertain why Gensler misstated the Supreme Court’s test.
Alderoty was thoughtful about whether Gensler misstated the test intentionally or if the misinterpretation was because the SEC chair did not understand the law. Alderoty posed a question to his followers to determine which of the scenarios could be worse.
Alderoty’s Comment Prompts Crypto Enthusiasts’ Reactions
Alderoty’s question has sprung up many reactions from cryptocurrency enthusiasts, with many people stating their views on the issue.
LBRY, a crypto-related company currently in a legal battle with the Securities and Exchange Commission, also replied: “Your tact is admirable, but we all know which one it was.”
Also regarding the same issue, Attorney James K. Filan said “There are no accidents.”
Alderoty Stuart’s view on Gensler’s comment comes some hours following the time Gensler noted at the hearing that aside from Bitcoin, all cryptocurrencies fit the definition of security and should be registered accordingly.
Senators Have Different View From Gary Gensler’s
He stated after the sceptical senators noted that there is a possibility that some cryptocurrencies could be classed as conventional stocks.