Gensler's interpretation of cryptocurrency as securities is not far from the truth. But far enough that it is going to leave a little controversy, for a while. If you don't want to agree with him, I welcome you to look at my interpretation where by cryptocurrent communities issuing currency should be regulated merely as if they were cults issuing fiat.
You see, Gensler's point lies on a slippery slope ... I have friends who used a similar argument to qualify national fiat, "national fiat is better than other fiat, because nations collect taxes, using guns". Hello! Now all national fiat is a security ...
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