SEC's Gensler: Proof of Stake should be classified as securities

SEC's Gensler: Proof of Stake should be classified as securities

By TwoDogsCaged | TwoDogsCaged | 17 Mar 2023


I am not sure whether this is posturing, or if this is a sign to come. I am not sure what effect it will have on the cryptocurrency world if Proof of Stake will eventually be classified as securities.

I have written my point of view in the pat that most if not all cryptocurrencies are commodities. Now, full disclosure, I am not an expert in finances. I am a psychologist and understand things from a systemic perspective.  I believe they are commodities that are to be bought and sold. Maybe I am wrong. Maybe they are financial assets that should be labeled as a security. 

Here is an article talking about Mr. Gensler's statements: https://www.fxstreet.com/cryptocurrencies/news/secs-gary-gensler-wants-proof-of-stake-ethereum-to-be-regulated-as-a-security-will-traders-turn-to-ethw-202303170617

Also, here is an article about whether or not they are securities, commodities, or a scam: https://www.jw.com/news/frb-cryptocurrency/#:~:text=In%202015%2C%20the%20CFTC%20just,%2C%20they're%20all%20commodities. I was not aware of this, but in 2015 Commodity Futures Trading Commission (CFTC) determined that all cryptocurrencies are to be considered a commodity.  

This will be an important decision in the future of the SEC. Will the CFTC have a say in this, will they break down each cryptocurrency and label each on based on their own merits? Only time will tell.

Here's to the future that will bring some clarity!

 

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TwoDogsCaged
TwoDogsCaged

Cryptocurrency is a fascinating idea, one that has many confused, scared and dismissive of the concept. However, it also is intriguing and likely a large part of the future.

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