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Forbes Contributor Shed Light on Gensler’s Crypto Crackdown, Stirring Reaction from Deaton

Forbes Contributor Shed Light on Gensler’s Crypto Crackdown, Stirring Reaction from Deaton

Forbes contributor Sam Lyman has recently published an op-ed article titled “Crypto War: The Secrets Behind Gary Gensler’s SEC Strategy.”

Sam shared valuable insights into the tactics employed by SEC Chair Gary Gensler and actions taken by the SEC in the realm of cryptocurrencies.

By examining Gensler’s strategies, the op-ed seeks to foster a better understanding of the regulatory landscape and its impact on the crypto industry.

Sam Lyman Reveals SEC Chair’s Changing Views on Digital Assets

Lyman highlighted that Gensler had different opinions about cryptocurrencies before and after becoming the SEC’s chairman.

According to Lyman, in 2018, when Gensler served as the chairman of the Maryland Financial Consumer Protection Commission, he made a notable statement. Gensler remarked that around three-quarters of the cryptocurrency market should not be classified as securities.

This indicates that he viewed many crypto assets, such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, distinct from traditional securities.

However, since Gensler assumed the role of Chairman of the SEC, his perspective on this matter has shifted. He now believes that everything except for Bitcoin should be considered a security.

How did Gensler make the logical jump from “Three-quarters of this market is probably not securities” to “Everything but Bitcoin” is security in just a few years? Lyman asked.

Lyman also stated that Gensler is not an ordinary regulator but skilled at navigating politics and media. Lyman made this statement based on the timing and consent of the SEC’s actions against cryptocurrencies.

The recent op-ed article by Forbes contributors Sam Lyman has sparked reactions from cryptocurrency enthusiasts.

Notably, a prominent lawyer and cryptocurrency advocate, John Deaton, hailed the article as “outstanding” and encouraged members of the XRP community to follow Lyman. Lyman’s previous comments are worth noting, as he highly regarded the XRP community. 

In a statement last month, he commended the community, attributing their efforts to navigate regulatory challenges as crucial for the broader crypto industry.

According to Lyman, if the court decides in favour of Ripple, it could establish an important legal rule that protects digital assets from excessive regulations imposed by the SEC. This would have a significant impact on how cryptocurrencies are treated by regulatory authorities in the future.

Lyman added that the result could lead regulatory agencies to reconsider their enforcement-focused approach to cryptocurrency regulation. This approach has been criticized for potentially pushing cryptocurrency investments to move to offshore jurisdictions.

In another analysis, the Forbes contributor expressed that the U.S. regulator, the SEC, has taken on a challenge that exceeds its jurisdiction by suing Ripple. 

The contributor sees the court’s decision as the ultimate test to determine the extent of the SEC’s authority and as a crucial moment for establishing regulatory clarity within the cryptocurrency industry.

The SEC may have bitten off more than it can chew in its campaign against XRP; said Sam Lyman.

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