And now, Gary!

A new tweet, written by a user using the pseudonym ZK_shark, has released a short video clip in which the current chairman of the Securities and Exchange Commission addresses a controversial topic. During an interaction about the cryptocurrency market, in which Gary Gensler is the speaker of the course entitled "Blockchain and Money" which he administered in 2018 at MIT, he addresses the issue of cryptocurrency regulation and categorically states that three-quarters of the market are not initial coin offerings (ICOs) in most jurisdictions that follow the Howey Test, including the United States, Canada, and Taiwan.

The Howey Test is a legal method used to determine whether an asset is a security or not.

In the video, Gary Gensler categorically states that three-quarters of the cryptocurrency market are not assets that could be considered securities and subsequently scrutinized by regulatory agencies such as the Securities and Exchange Commission (SEC). Therefore, by making this statement, the current chairman of the American regulatory agency disqualifies three-quarters of the crypto market as "non-securities," which means that it is mainly composed of commodities, such as cryptocurrency money.

With this statement, the boss of the Securities and Exchange Commission suggests that, from a legal point of view, the vast majority of the cryptocurrency market is not considered securities and is not subject to scrutiny, restrictions, and regulations like traditional securities.

With this bombshell now revealed in a video that dates back almost four and a half years, the former professor and current chairman of the Securities and Exchange Commission is aware that the cryptocurrency market is mostly composed of non-securities, which could be a significant step towards regulating and approaching the market in the future.

The video appears at a time when the current chairman of the Securities and Exchange Commission testified before a committee of Republican senators last week to explain cryptocurrency market regulation, where he faced harsh criticism for his administration. The agency's performance led by Gary Gensler has raised complaints and opened up space for crypto ventures in other regions with clearer laws on crypto business.

Not only that, but the intransigence of the maximum market regulation agency in Uncle Sam's land has contributed to the dissatisfaction of companies such as Coinbase, which filed a lawsuit to force a petition that it submitted in 2022 regarding clarification of clear laws under cryptocurrency market regulation to be answered. Coinbase is one of the companies targeted in the SEC's investigation to find out if they were involved in any securities trading, having been warned that they will be visited at any time.

Therefore, the released video may show Gary Gensler stating that most cryptocurrencies are not securities and are not subject to scrutiny by the market regulator, but that does not mean that the remaining half is immune to regulation. It is noteworthy that some cryptocurrencies may still be considered securities depending on their structure and how they were marketed.

However, Gary Gensler's statement in the video suggests that most cryptocurrencies may be beyond the regulatory scope of the Securities and Exchange Commission and, therefore, may have more freedom in terms of how they are marketed and used.

And you, what did you think of Gary Gensler's video?