Opinion: Gary Gensler's SEC is trying to create rules that give the most powerful incumbents in crypto a permanent advantage.
— were bound to bring some scrutiny, and the industry has always been too hospitable to blatant hucksters.
Its reward? A 100-page suit full of contradictions, like some layer-1 tokens being securities and others not. Imagine a town that refuses to tell you what the speed limit is but frequently gives speeding tickets. Nobody would take such a place seriously. We still don’t know whether Ether is a security, despite SEC Chair Gary Gensler telling us repeatedly that his agency has all the authority it needs to make that call.
The SEC has designated stablecoins as securities, a ruling that kills their utility as payment products. Stablecoins should not be controversial. They use a familiar model, expand the dollar’s reach, and create additional demand for Treasurys. The only entities they are bad for are the legacy banks and centralized payment providers that dominate that industry.
Trying to cram digital assets into existing regulatory frameworks designed for stocks and bonds limits their utility but is a boon to Wall Street incumbents who already have the requisite licenses — licenses that have been practically impossible for startups to get. The only exception? The highly dubious Prometheum Capital, whose acquisition of a useless license proves this point.
The Coinbase suit argues that offering software to people who want to store their own crypto assets should be limited to registered broker-dealers. If held up, this rule would effectively kill crypto’s killer app of self-custody, forcing all investors back into the arms of intermediaries.
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