Gary Gensler, the chairman of the US Securities and Exchange Commission on Wednesday argues that crypto using staking protocols are according to US law.
“The investing public is investing anticipating a return, anticipating something on these tokens, whether they’re proof-of-stake tokens, where they’re also looking to get returns on those proof-of-stake tokens and getting 2%, 4%, 18% returns,” Gensler said. “Whatever they’re promoting and putting into a protocol, and locking up their tokens in a protocol, a protocol that’s often a small group of entrepreneurs and developers are developing, I would just suggest that each of these token operators … seek to come into compliance, and the same with the intermediaries.”
The response is a reaction to last week’s statement made by the Chairman of the Commodity Futures Trading Commission Rostin Behnam who affirmed his position and the agency’s position on ether, according to Behnman, ether is a commodity and not a security.
This is not the first time the SEC chair will make a similar comment, although he has never been this elaborate.
Also, New York Attorney General Letitia James had once claimed that ether is an unregistered security and that Vitalik should be sued for violating the US securities law.
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