JAKARTA - Controversy emerged after a video circulated showing a statement by the Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, regarding the status of four cryptocurrencies that are not securities. The video is a recording of the SEC chairman in 2018.
In the video, Gensler states that the four main cryptocurrencies, namely Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, are not securities. This statement contradicts his current position on digital asset regulation in the United States.
Gensler revealed that the four digital assets accounted for about 75 percent of the market, stressing their exclusion from the securities category. However, this statement has raised concerns and controversy in the crypto industry, given that Gensler recently stated that most cryptocurrencies, except Bitcoin, could be considered securities.
Critics have criticized the unclear legal guidelines for crypto token legality, which could create uncertainty and frustration in the industry. Some crypto companies, such as Coinbase, Ripple Labs, Binance, and Genesis, have been sued by the SEC for violating federal securities laws by selling unregistered securities in the United States.
To date, the SEC has identified 68 digital currencies as securities under Gensler's leadership, but none of the four crypto assets mentioned in the 2018 video are on the list. It remains unclear whether Ethereum, which is one of the four cryptocurrencies, will be considered a security or not.
This controversy highlights the need for clear legal guidance and transparency in crypto asset regulation. The crypto community is looking forward to clarity from the SEC regarding the legal status of certain cryptocurrencies and regulations that will be implemented in the future.
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